She starts off announcing her honory degree from John Hopkins, and then announces the good news of raising taxes on all Americans and killing jobs across the country. By moving the Waxman-Markey Global Warming Tax out of committee, Nancy Pelosi’s San Francisco constituents may be thrilled, but anyone in America who gets an electric bill or fuels their car is not smiling.
Waxman–Markey will raise electricity rates 90% after adjusting for inflation, gas prices 74%, natural gas prices 55%, and an average family’s annual energy bill by at least $1,500.
For every “green job” created, others are wiped out. Compared to no cap and trade, average unemployment increases in the new bill an additional 261,000 jobs, from 844,000 lost jobs to 1,105,000 lost jobs in the current version.
The original draft of Waxman–Markey was so bad for the economy that moderate Democrats demanded it be changed. The new version, believe it or not, is much worse. Compared to no cap and trade, real GDP losses increase an additional $2 trillion, from $7.4 trillion to $9.6 trillion.