Waxman-Markey Global Warming Bill: Economic Impact by Congressional District

Waxman-Markey Global Warming Bill: Economic Impact by Congressional District:

It has become quite clear over the past several months that placing a cap on carbon emission--via rationing, taxing, and eliminating consumer choice--will have major implications for American families and the economy.

An analysis of the Waxman-Markey bill (as reported out of the House Committee on Energy and Commerce) by The Heritage Foundation found that unemployment will increase by nearly 2 million in 2012, the first year of the program, and reach nearly 2.5 million in 2035, the last year of the analysis. Total GDP loss by 2035 would be $9.4 trillion. The national debt would balloon as the economy slowed, saddling a family of four with $114,915 of additional national debt. Families would also suffer, as the bill would slap the equivalent of a $4,609 tax on a family of four by 2035.[1]"