A U.S. Treasury Department study shows that the national Cap and Trade plan (Cap and Tax), which passed through the House in June, will cost American households nearly $2,000 a year.
In California we don’t have to wait for the U.S. Senate to pass Cap and Tax to feel the massive burden of government’s attempt to insignificantly slow Global Warming: We have AB 32, the Global Warming Solutions Act of 2006, as law today. For three years, the California Air Resources Board (CARB) has been hard at work inventing environmental regulations that will kill the California economy.
AB 32 is a plan to reduce greenhouse gas emissions in California to 1990 levels by 2020, and by 80% by 2050. CARB is charged with imposing and enforcing measures to reduce greenhouse gas emissions from nearly every phase of life and work in the state.
A June study, commissioned by the California Small Business Roundtable, concluded that the plan could result in average annual losses of $182.6 billion, or 10%, of gross state output – that’s one and a half times the state budget – from small businesses alone. That translates to nearly 1.1 million lost jobs. The report also estimates a cut of more than 25% in the average family’s discretionary spending.