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SENTRY JOURNAL » ACCF/SBE Council Study, American Power Act, Cap and Trade, Congress, Democrats, Kerry-Lieberman bill, senate » The truth about the American Power Act of 2010

The truth about the American Power Act of 2010

The name has been change from Cap and Trade to the American Power Act but it’s still the same crap sandwich.  The American Council for Capital Formation and the Small Business and Entrepreneurship Council conducted an in-depth analysis of the bill in order to study the economic impacts at the national, state, and individual household levels. Below is a summary of their findings.

If the American Power Act is passed we can look forward to slower economic growth, a decline in industrial production, jobs losses, dramatic increases in energy costs, and per capita GDP will drop.

These numbers alone should make our elected representatives cringe and steer clear of this terrible bill.  And yet they have decided to press forward.

“Industrial production (manufacturing, mining and electric utilities) begins to decline immediately in 2013, relative to the baseline forecast, under the Kerry-Lieberman bill. In 2030, U.S. industrial output levels are reduced by between 4.9% and 5.8% under the low and high cost scenarios.”  

“Among the hardest hit industries are aluminum (down almost 40%), steel production (down 18 %) and petroleum refining and glass production (down by almost 13%) compared to the baseline forecast. A hallmark of economic downturns and recessions is a slowdown in the growth rate or an absolute decline in the level of industrial output.” 

So this bill is basically going to kill industry in our country.  So why are some Senators so determined to ram this through?

“Employment is negatively impacted by Kerry-Lieberman, even when additional “green” jobs are factored in. Over the 2013 – 2030 period, total U.S. employment averages between 351,944 and 497,180 fewer jobs each year under the low and high cost scenarios than under the baseline forecast. In 2030, there are between 1,400,000 and 1,900,000 fewer jobs in the overall economy. Manufacturing employment is hard hit.” 

So we can expect to lose somewhere between 1.4 and 1.9 million jobs if the American Power Act is passed…sweat!

“Energy prices rise over the 2013-2030 period, due to the various features of the Kerry-Lieberman bill including prices for carbon permits which gradually rise to between $100 and $118 dollars per ton of CO2 in 2030.” 

“Over the past decade, each 1% increase in GDP in the U.S. has been accompanied by a 0.2% increase in energy use, thus higher energy prices will make it harder to recover from the current period of sluggish economic growth and to reduce the current high rate of unemployment.”

So the assertions about energy costs increases appear to be validated by these findings.

You can read the entire report here.  The American Council for Capital Formation and the Small Business and Entrepreneurship Council did an excellent job with their research.  I applaud them for their efforts.

Now after reading the above findings how can any Senator actually vote for this economically destructive bill and believe that is good for America.  But I said the same thing about ObamaCare and the Financial Reform bill and they passed both of these terrible bills.  So this makes me wonder just what America they are living in?  It’s sure not mine.  Call your Senators and voice your concerns, our free market system is under siege and needs each of us to kick in to help stop this agenda.  We are already going to have our hands full undoing the damage they have done.  And if the fix is voting every one of them out of office this November then so be it!

Liberty forever, freedom for all!

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Filed under: ACCF/SBE Council Study, American Power Act, Cap and Trade, Congress, Democrats, Kerry-Lieberman bill, senate

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Comments
  • Trestin July 22, 2010 at 7:04 AM

    I find it amazingly Orwellian that a bill called the American Power Act, will actually limit the production of power.

  • Kristin July 22, 2010 at 4:10 PM

    With an 100% approval rating, they've got nothing to lose.

    Can't wait for our energy costs to necessarily skyrocket…

  • Matt July 22, 2010 at 7:24 PM

    That bill is a "weapon of mass Cloward-Piven." It is meant to destroy economic activity.

  • John Carey July 22, 2010 at 7:32 PM

    The irony of it Trestin.

  • John Carey July 22, 2010 at 7:33 PM

    Well Kristin under Obama's plan that is what is going to happen because he wants to control every aspect of our economy…most socialist do.

  • John Carey July 22, 2010 at 7:34 PM

    Well said Matt! It will indeed destroy our economy and they know. The problem they are having is most Americans aren't buying what their selling.