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07-15-2009, 03:21 PM #1
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The high price of California’s low-carbon law Costing $182
California’s Global Warming Solutions Act, Costing business $182 Billion
The high price of California’s low-carbon law
By Steve Milloy
Wednesday, July 15, 2009
A new study commissioned by the California Small Business Association projects the following impacts from California’s Global Warming Solutions Act of 2006 signed into law by Gov. Arnold Schwarzenegger in 2006:
On average, the annual costs resulting from the implementation of AB 32 to small businesses are likely to result in loss of more than $182.6 billion in gross state output, the equivalent of more than 1.1 million jobs, nearly $76.8 billion in labor income, and nearly $5.8 billion in indirect business taxes…
The total AB 32 cost of $182.649 billion in lost output is one and a half times the total budget for the state of California. Given that the total gross state output of $1.8 trillion for California in 2008, the total lost output from AB 32 costs to small businesses is almost 10%. Accordingly, the total cost of AB 32 is $49,691 per small business in California.
These costs could be coming to a state near you courtesy of Waxman-Markey.
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