Cassidy: Cap & Trade Means Fewer Jobs, Weaker Economy

Press Release

Today, Louisiana Congressman Bill Cassidy made the following statement in response to a new report from the Heritage Foundation demonstrating that the Cap & Trade bill House Speaker Nancy Pelosi intends to bring up for vote tomorrow will result in significant economic harm and job losses in Louisiana's Sixth Congressional District:

"This bill is an $846 billion energy tax disguised as climate change legislation. From the Brookings Institution on the left to the Heritage Foundation on the right, the consensus on this bill is that its crippling economic effects are definite, while its environmental benefits are dubious. It will cause tremendous job losses, shrink the economy by at least 2.5%, diminish America's global economic competitiveness, and increase energy prices."

"In Louisiana, the economic effects will be more severe. An estimated forty percent of petrochemical workers will lose their jobs over the next 15 years. These job losses will spillover into other fields, killing jobs and shrinking every sector of Louisiana's economy."

According to the Heritage Foundation analysis of Cap & Trade's impact on Louisiana's Sixth Congressional District:

2,941 people will lose their jobs in 2012 and an average of 2,080 will lose their jobs every year from 2012 - 2035
Household income will fall by $358 million in 2012, with an average annual decline of $207 million from 2012 - 2035
The local economy will contract by $304 million in 2012 and shrink by $605 million annually from 2012 - 2035

Meanwhile, the Brookings Institution estimates that under this Cap & Trade regime:

America's economy will shrink by 2.5%
25%-45% of oil & gas workers will lose their jobs
Electricity prices will increase by 10% , petroleum prices by 25%, and natural gas prices by 5%

Source