Tuesday, May 26, 2009

Just What We Needed!



According to an analysis of climate legislation performed by the Environmental Protection Agency (EPA), the cap-and-trade system favored by President Barack Obama and many congressional Democrats could potentially damage the U.S. manufacturing sector and force jobs to move overseas.

The policy, under certain scenarios, for example, “can cause domestic production … to shift abroad,” reads the EPA analysis, and result in greater greenhouse gas emissions in countries that do not have similar cap-and-trade rules.

Further, the EPA’s Apr. 20 preliminary analysis of the bill, sponsored by Reps. Henry Waxman (D-Calif.) and Edward Markey (D-Mass.), shows that the plan would reduce U.S. manufacturing capacity 0.3 percent by 2020 and by nearly 1.5 percent by 2050.

Had the bill not been revised late last week after negotiations between industrial state Democrats and Waxman and Markey, U.S. manufacturing reportedly would have shrunk 0.9 percent by 2020.

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