When the Waxman-Markey bill (otherwise known as Cap and Trade) was passed in the House, there was no doubt that this legislation was going to raise taxes on both the consumers and producers of petroleum based fuels. This will hurt many Virginians as they have to pay higher prices at the pump, when they decide to fly somewhere on vacation, and to heat their homes in the winter. Cap and Trade will have a negative impact on our economy, as people will have to make choices to pay for gas in their cars, instead of spending money at retailers for other goods and commodities.
The American Petroleum Institute released a report on the ways Virginians will be impacted by the Waxman-Markey bill.
Waxman-Markey Bill: Virginia State Fact Sheet
Some of the most interesting highlights from the actual fact sheet were that Virginia would have less wealth due to the after effects of this plan. Virginia would lose as much as $263 billion in the state’s Gross State Product (GSP). Another fact that could be detrimental to Virginians and the Commonwealth’s economy is the loss of jobs that will occur from the Cap and Trade legislation. Virginia stands to lose 54,000 jobs over the course of a couple years adding to the already high unemployment rates.
As you can see cap and trade will kill the economy, cause unemployment rates to skyrocket, and cause higher prices at the pump, which will lead to higher food prices, etc.
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