Waxman-Markey Could Eliminate Nearly 350K Texas Jobs - API
August 17, 2009
As many as 341,000 jobs would be wiped out in Texas if a climate change bill passed in the U.S. House of Representatives becomes law, a study shows. The average Texas household would see its purchasing power drop by as much as $1,790 a year.
A CRA International analysis of the "American Clean Energy and Security Act", which passed by a narrow 219-212 vote in the House in June, reveals the devastating impact the policy would have on ordinary Texans. The Senate this fall will debate its version of a bill to address climate change.
According to the CRA analysis, the legislation would result in big job losses - 2 million nationwide - and would lead to a 1.3 percent decline in the national gross domestic product in 2030. The average U.S. household would see its purchasing power fall by $910 in 2015 and by $1,170 by 2030.
The CRA study, commissioned by API, shows that nearly 181,000 jobs in Texas would be wiped out by 2015. By 2030, nearly 341,000 jobs will be lost. The job losses would be felt broadly as output in key sectors like energy intensive businesses, services, and manufacturing all declined.
The average Texas household will see its real household income fall by $1,430 a year in 2015, and by $1,790 a year by 2030. And the state's economic growth would be hobbled by this bill as the estimated gross state product would decline by 0.5% in 2015 and by 1.6% in 2030, CRA said.
The economic toll of the bill would also lead to a big reduction in Texas state revenue from tax receipts. Tax revenues would shrink by $1.1 billion in 2015 and by more than $2 billion in 2030, taking away much-needed funds that could be used for schools, hospitals and police and fire departments.
CRA International is a global consulting firm.
Source: American Petroleum Institute
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