Thread: The ACCF/NAM Estimate of Waxman-Markey

Study of the economic impacts of the pending Waxman-Markey bill

The ACCF/NAM Estimate of Waxman-Markey

By Institute for Energy Research
Friday, August 14, 2009

On August 12 the American Council for Capital Formation (ACCF) and National Association of Manufacturers (NAM) released their study of the economic impacts of the pending Waxman-Markey bill. Proponents of Waxman-Markey hailed the study as showing the economic benefits of the bill. However, in actuality the ACCF/NAM study shows the opposite: Waxman-Markey will destroy American jobs and make the United States materially poorer.

Confusing Absolute With Relative Change

The self-described progressives at the “Wonk Roomâ€

Global Warming Bill Would Cut U.S. Economic Growth, Study Says

Friday, August 14, 2009
By Edwin Mora


House Energy and Commerce Committee Chairman Rep. Henry Waxman, D-Calif., during the committee's markup of H.R. 3200, America’s Affordable Health Choices Act of 2009, on Thursday, July 30, 2009. (AP Photo/Susan Walsh)


(CNSNews.com) - The bill intended to combat global warming that passed the U.S. House of Representatives in June would decrease the Gross Domestic Product of the United States by $2 trillion to $3 trillion between 2012 and 2030, a study shows.

The study on the economic impact of the American Clean Energy and Security Act was commissioned by the American Council for Capital Formation (ACCF), a non-profit that examines tax and environmental policy, and the National Association of Manufacturers (NAM), the nation’s largest manufacturing trade organization.

The analysis was conducted by the Science Applications International Corporation, a private research company.

The global warming legislation, sponsored by Rep. Henry Waxman (D-Calif.) and Rep. Edward Markey (D-Mass.), passed the House in June by a 219-212 vote. The Senate may consider its own version of the bill this fall.

The legislation would impose caps on the amount of carbon that U.S. industry could emit and would allow manufacturers to trade emission allowances doled out by the government.

Waxman and Markey’s offices did not return calls seeking comment on the study.

“High energy prices, fewer jobs, and loss of industrial output are estimated to reduce [annual] U.S. Gross Domestic Product by between $419 billion and $571 billion by 2030,â€