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Boxer Claims Recession is Best Time to Raise Energy Costs
June 2, 2008

Posted By Marc Morano – 6:09 PM ET – Marc_Morano@EPW.Senate.Gov  

Boxer Claims Recession is Best Time to Raise Energy Costs 

 

Read More About the Impacts of Lieberman-Warner: www.epw.senate.gov/lieberman-warnerbillexposed

 

Senator Barbara Boxer (D-CA), the chairman of the Environment & Public Works Committee, declared in her opening floor speech today that a “recession is the precise time to" enact the Lieberman-Warner global warming cap-and-trade bill because it “brings us hope.”

 

The Lieberman-Warner global warming bill would have many consequences, but “hope” is not among them. The Cleveland Plain Dealer editorialized on June 1, that the bill "will just bore new holes into an already battered economy." American workers, already suffering from a weakening economy, skyrocketing home energy, and gas prices would face more economic pain under the bill. With average gas prices across the country approaching or at $4 a gallon, the Senate’s global warming “de-stimulus” bill will further drive up the cost at the pump.

 

Despite these economic woes, Senator Boxer claimed that now is the “precise time” to pass a bill that will raise energy prices. “Why do this [the Lieberman-Warner bill] now? We’re in a recession. Precisely because we’re in a recession is why we should be doing this. This bill is the first thing that brings us hope,” Senator Boxer said during her opening remarks on the Senate floor today. 

 

Here is a sampling of economic government and private economic analyses of the impact of Boxer’s Climate Tax Bill: (LINK)

 

- Various analyses show that Lieberman-Warner would result in higher prices at the gas pump, between 41 cents and $1 per gallon by 2030.

 

- The bill would represent the largest tax increase in U.S. history. (LINK)

 

- The bill would be the biggest pork bill ever contemplated with trillions of dollars in giveaways.

 

- Science Applications International Corporation SAIC shows that up to 4 million jobs will be lost by 2030 in the U.S. (LINK)

 

- Manufacturing jobs will be one of the hardest hit sectors as the Energy Information Administration (EIA) projects that manufacturing output will decline by up to 9.5% in 2030.  This country has already lost 19% of its manufacturing since 2000.  (LINK)

 

- EIA estimates that this bill will result in the loss of nearly 300,000 U.S. jobs by 2020.

 

- The Congressional Budget Office (CBO) estimates that “most of that cost would ultimately be passed on to consumers.”  (LINK)

 

- CBO says Lieberman-Warner would effectively raise taxes on Americans by more than $1 trillion over the next 10 years. (LINK)

 

- Sen. George Voinovich (R-Ohio), warned last week that Lieberman-Warner “could result in the most massive bureaucratic intrusion into the lives of Americans since the creation of the Internal Revenue Service.” (LINK)

 

- The bill would not have a detectable impact on the climate. According to the Environmental Protection Agency’s own analysis, by 2050 Lieberman-Warner would only lower global CO2 concentrations by less than 1.4% without additional international action.

 

- The Wall Street Journal calls it "the most extensive government reorganization of the American economy since the 1930s." (LINK)

 

- The bill would hinder U.S. competitiveness. It will transfer American jobs overseas where environmental regulations are much more lenient.

 

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Senator Inhofe said on April 20, 2008: “Only in Washington could higher energy prices be characterized as not negatively impacting the U.S. economy. If Democrats have their way, Americans will pay significantly more at the pump, in their homes, and in many cases, with their jobs, all to accomplish an undetectable impact on the climate. The question now is which U.S. Senator will dare to stand on the Senate Floor a month from now to vote in favor of significantly increasing the price of gas at the pump?”    

 

 

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