Study Shows 522,000 Jobs Lost by 2015 due to Kerry-Lieberman's Cap and Trade

[Geee]

Washington Examiner:


Study shows 522,000 jobs lost by 2015 due to Kerry_Lieberman's cap-and-trade bill
By: MARK TAPSCOTT
Editorial Page Editor
06/29/10 4:05 PM EDT

More than half a million jobs could be lost by 2015 if Congress approves the cap-and-trade portion of the Kerry-Lieberman anti-global warming bill, according to an independent analysis to be made public tomorrow by the Institute for Energy Research.

The study was done by Chamberlain Economics LLC at IER's request of the measure - officially known as the American Power Act - being sponsored by Sen. John Kerry, D-MA, and Sen. Joe Lieberman, I-CN.

Besides the 522,000 jobs lost within five years, the measure if approved would destroy an estimated 5.1 million jobs by 2050. Other findings of the Chamberlain study include:

* Households would face a gross annual burden of $125.9 billion per year or $1,042 per household, with costs disproportionately borne by low-income households.

* On a net basis, the top income quintile will benefit financially, redistributing to these households roughly $12.3 billion per year from the bottom 80 percent of earners.

* Households over age 75 bear the largest burden at 2.3 percent of income, followed by households aged 65-74 and under age 25 at 2.1 percent. By contrast, the nation’s highest-earning households between age 45 and 54 years would bear the smallest percentage burden of just 1.5 percent.

* Contrary to the legislation’s stated goal of reducing price volatility by excluding petroleum refiners from quarterly auctions, the Kerry-Lieberman bill is likely to significantly increase allowance price volatility from quarter to quarter, compared to an ordinary auction in which all covered industries bid for allowances.

More here on this study tomorrow after IER officially releases it.