Below is a breakdown of economic impacts of Waxman-Markey calculated by economists at The Heritage Foundation’s Center for Data Analysis. For full analysis of the bill, go here.
Energy Cost Impacts
Price increases 2035
Gasoline 58%
Electricity 90%
Natural Gas 55%
Heating Oil 56%
Family of 4 Cost Expenditure increases, $2009
In 2035 Average 2012-2035
Gasoline $565 $302 $7,254
Electricity $468 $392 $9,410
Natural Gas $161 $103 $2,471
Heating Oil $47 $32 $762
Total $1,241 $829 $19,897
Total Tax Impact per Family of 4 (These numbers include the energy costs increases above)
2035 Avg to 2035 Total
$4,609 $2,979 $$71,493
Employment Impacts
(Losses compared to baseline: cannot be added year to year or multiplied by number of years.)
2035 2012-2030 Average
2,479,000 1,145,000
GDP Losses, Billions $2009
2035 2012-2035 Average Total
$662 $491 $9.4 trillion
Increase in National Debt by 2035, $2009
Percent per Family of Four: 26% or $114,915
Value of Allowance Revenue (CO2 Tax), Billions $2009
(This is what Congress gets to spend or give away.)
2012 2035 Average Total, 2012-2035
$109 $390 $236 $5.7trillion
Climate Benefit
Using mainstream analysis, climatologists estimate the temperature-moderating impact of Waxman-Markey will be:
by 2050= 0.05 degrees C or 0.09 degrees F
by 2100= 0.20 degrees C or 0.36 degrees F
