NBCC Study Finds Waxman-Markey Reduces GDP by $350 Billion

New study finds Waxman-Markey could cost 2.5 million U.S. jobs by 2030 and
reduce earnings

WASHINGTON, May 21 /PRNewswire-USNewswire/ -- Today, in anticipation of
Friday's House Energy and Commerce Committee vote on the Waxman-Markey
legislation, the National Black Chamber of Commerce (NBCC) released a new
study that determines the potential economic impacts of the federal
cap-and-trade system outlined in the bill. Compiled by CRA International, the
analysis determines that by 2030 the law would:
-- reduce national GDP roughly $350 billion below the baseline level;
-- cut net employment by 2.5 million jobs (even after accounting for new
"green" jobs); and

-- reduce earnings for the average U.S. worker by $390 per year.

NBCC President and CEO Harry Alford notes, "These findings add to a growing
body of evidence that demonstrates cap-and-trade would make American consumers
poorer and the products they buy more expensive.

"Moreover, the NBCC study finds there will be little, if any, environmental
impact to justify the high price U.S. families will have to pay, since the
trading system will deliver virtually negligible changes in global CO2
emissions so long as developing nations such as China and India don't buy in.

"The House cap-and-trade bill seems to profit special interests at the expense
of small businesses and hard-working families. It's evident from the some 85
percent of emissions permits that politicians have already given away for free
to favored industries that the 111th Congress is learning that producing laws
(like making sausages) requires a lot of pork.

"The inherent complexity of a government-regulated emissions trading system
sets the stage for a perpetual struggle for political handouts. This makes
Waxman-Markey a good way to promote corruption, but not energy efficiency."

To speak with Harry Alford or to learn more about the NBCC study, please
contact Kay Debow at (202) 466-6888 or kdebow@nationalbcc.org

The NBCC is a nonprofit, nonpartisan, nonsectarian organization dedicated to
economically empowering and sustaining African American communities through
entrepreneurship and capitalistic activity within the United States.

SOURCE National Black Chamber of Commerce

Kay Debow of the National Black Chamber of Commerce, +1-202-466-6888,
kdebow@nationalbcc.org