Washington, D.C. - Sen. James Inhofe (R-Okla.), Ranking Member of the Senate Committee on Environment and Public Works, released the following statement criticizing EPA for avoiding discussion of job impacts in its analysis of the Kerry-Lieberman cap-and-trade bill.
"Whether it's analysis by the Congressional Budget Office, the National Black Chamber of Commerce, DOE's Energy Information Administration, or the National Association of Manufacturers, one fact never changes: cap-and-trade will destroy American jobs," Senator Inhofe said. "Yet rather than release a full and transparent analysis of the facts, EPA has avoided discussion of Kerry-Lieberman's job-killing effects, casting serious doubt on the agency's objectivity. Hiding the truth won't bring consolation to anxious factory workers in Ohio, farmers in Missouri, or miners in Virginia, whose jobs and livelihoods are on the line.
"Where EPA was transparent was in its admission that the economic impacts from Kerry-Lieberman would be ‘similar' to those from Waxman-Markey, legislation that 44 Democrats in the House rejected, and that would impose the largest tax increase in American history on consumers and working families.
"Airy claims about the price of postage stamps or legislation costing ‘less than a dollar a day' collapse under the overwhelming weight of the evidence that cap-and-trade means bigger government and fewer jobs, with no discernible effect on global warming or our dependence on foreign oil."
"While there are important differences between the American Power Act (APA) and H.R. 2454 (discussed in the following section), the modeled impacts of the APA are very similar to those of H.R. 2454." (pg 1)
"Overall, the estimated impacts of the APA are very similar to those of H.R. 2454. For example, estimated allowance prices under the two bills differ on the order of zero to one percent." (pg 7)
The APA will cost the American economy up to $616 billion per year (EPA Data Annex, -1.83% hit to GDP, $33.641 trillion in 2050)
The APA will cost American families up to $223 billion per year (EPA Data Annex, -0.86% hit to consumption, $25.88 trillion in 2050)
American families will see their electricity prices rise 52% under APA for 2050 (p. 37).
American drivers will see gasoline prices per gallon double, rising to over $5 per gallon under APA (p. 36, scenario 2, main scenario).
The probability of the APA having the desired effect on world temperatures if developing countries do not follow before 2050 is only 11% (p. 23)