Global Climate Change Legislation Bad for Wisconsin

Wisconsinites Will Lose Almost $2,189,670,000 in Personal Income, Along with 67,054 Manufacturing Jobs

MILWAUKEE – The Wisconsin Chapter of Americans for Prosperity is warning Wisconsin families about the “climate security act”, introduced in the Senate by Sen. Joseph Lieberman.  According to a study conducted by the Heritage Foundation, Wisconsin consumers would suffer tremendously from the introduction of this bill.  The bill would, among other things, impose strict limits on the emission of six greenhouse gases, require companies to acquire federally created permits for each ton of greenhouse gas emitted, and direct the Administration to establish an international reserve allowance program.

“This bill would seriously hinder the economic well being of every Wisconsin family,” said AFP Wisconsin State Director Mark Block.  “Not only would this bill increase household energy prices, it would also reduce the personal income of almost every Wisconsin family.  Lawmakers can’t continue to tax the backbone of our economy (the working middle class) without serious repercussions in the market.”

• Arbitrary restrictions proposed in this bill on new technologies will lead to higher energy prices, impacting consumers directly.  In addition to this direct impact, the higher energy costs will spread throughout the economy due to the unnecessary inefficiencies that will occur at every level of production and consumption.

• If the bill is introduced, Wisconsin families would feel its effects in the year 2012, losing approximately 357,000,000.  By the year 2030, Wisconsin will have lost 67,054 manufacturing jobs, lost $1,919,930,000 in Gross State Product, and lost $2,189,670,000 in personal income.

• Energy prices will increase immensely with the new law in place.  Electricity, Natural Gas and Gasoline will increase by $303, $139, and $346 more (respectively) with the climate security act in place.  This not only hurts consumers’ budgets, but also slows down the production side of the economy.

“The claims that the green revolution increases jobs and investment are absolutely ridiculous,” said Block.  “Imposing restrictions on business and taxing the middle class will never make the economy stronger.  And the loss of jobs that accompanies the green revolution more than offsets the few jobs it creates.  Lawmakers need to go back to Economics 101 and see that when you impose restrictions on business, the whole market runs less efficiently.”