Waxman-Markey Cap and Trade”s Biggest Losers: Manufacturing
July 29th, 2009 | by Manufacturing Business |Waxman-Markey Cap and Trade”s Biggest Losers: Manufacturing.
So, politicians want to protect manufacturing jobs, yet they are hastily moving forward with a cap and trade bill that will deal a crushing blow to the U.S. manufacturing sector. The higher energy costs from cap and trade will kill economic activity and jobs. This is particularly true of manufacturing jobs.
Just how bad will it be? Economists in The Heritage Foundation”s Center for Data Analysis estimate that manufacturing jobs will fall on average by 400,000. Peak year unemployment in the manufacturing sector alone rises by almost 1.4 million.
Some will disappear completely. Others will go overseas to countries that choose not to implement a carbon reduction scheme, where the cost of production will be much cheaper. (Sidebar: This should not be an invitation to implement protectionist policies that further drive up the costs for consumers.more
