The National Association of Manufacturers (NAM) and the American Council for Capital Formation (ACCF) releases a comprehensive study on the impact of The American Clean Energy and Security Act of 2009, also known as the Waxman-Markey Bill (HR 2454). The bill aims to reduce greenhouse gas emissions and to cap the amount of carbon that is emitted by U.S. industry. The legislation does so by mandating a cap and trade program and other provisions governing fuel choices available to businesses and consumers. This bill passed the House of Representatives by a slim margin (219-212) earlier this summer. The Senate is expected to release its version of climate legislation in September.

The study, which was commissioned by the NAM and ACCF and conducted by Science Applications International Corporation (SAIC) using NAM and ACCF input assumptions, assesses the impact of the Waxman-Markey Bill on manufacturing, jobs, energy prices and our overall economy. The NAM and ACCF has released national data as well as the analysis for all 50 states if this or similar legislation is signed into law.

The ACCF/NAM analysis of the Waxman Markey bill shows that there are significant economic costs in terms of slower growth in jobs, household income and GDP from meeting the bill’s GHG reduction targets. Given the wide recognition that without strong emission cuts in developing countries like China and India, U.S. emission reductions would have only negligible environmental benefits, policymakers should proceed cautiously as they develop climate change policies.

View the full report at http://www.accf.org/publications/126/accf-nam-study