Wednesday, 21 Jul 2010 02:12 PM
Newsmax.com
The proposed Kerry-Lieberman cap-and-trade bill could cost 1.9 million jobs and slash the U.S. gross domestic product by up to $2.1 trillion, according to an analysis released today.
The proposal, known as the American Power Act and facing stiff Republican opposition, also would increase residential electricity prices up to 42 percent and gasoline prices up to 18 percent, according to the analysis released today by the American Council for Capital Formation and the Small Business and Entrepreneurship Council.
The study, which the Science Applications International Corp. did based on assumptions provided by the capital and small business groups, assesses the bill’s impact on manufacturing, jobs, energy prices, and the overall U.S. economy. The two groups released national data and plan to unveil state-specific analyses for all 50 U.S. states in the coming days, according to a news release.
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