Greenhouse gas cap-and-trade legislation such as that proposed by the Obama administration and under discussion in the House could result in the loss of more than 3 million jobs by 2030, according to a recently released report.
In addition, the legislation could cost the average household $2,100 annually, according to the report compiled on behalf of the Coalition for Affordable American Energy, which receives funding from more than 180 business groups.
“This study proves that the pending bill will be a massive weight on an economy that is barely treading water,” said Bruce Josten, executive vice president of government affairs at the U.S. Chamber of Commerce. “All consumers and businesses would face steep increases in energy costs, leading to a spike in the cost of goods and services throughout the U.S. economy.”
The study concludes that by 2030, natural gas and electricity costs will increase by more than 50 percent and motor fuels costs by 78 cents a gallon. Taken together, the combined effects of increased energy costs and dollars spent on carbon reductions will force industry to reduce productivity.
The findings are in contrast to a recent EPA estimate that climate legislation could cost each household $98 to $140 per year.
Waste & Recycling NewsFiled by Bruce Gieselman of Waste & Recycling News , a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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