With Cap and Trade, It Will be Laborless Day
Nicolas Loris /
Traditionally, Labor Day symbolizes the end of summer but historically, Labor Day was a “creation of the labor movement and is dedicated to the social and economic achievements of American workers.” A day of rest. A paid holiday. Well, if Congress passes cap and trade legislation, many Americans will be forced to take unpaid days of rest because they’ll be unemployed.
The Heritage Foundation’s Center for Data Analysis found that, for the average year over the 2012-2035 timeline, job losses will be 1.1 million greater than without a cap and trade bill. By 2035, there is a projected 2.5 million fewer jobs below the baseline. Some of these jobs will be destroyed completely. Others will move overseas where carbon capping isn’t in their country’s agenda and therefore the cost of production is cheaper.
We’re not the only ones who project unemployment from cap and trade. The Brookings Institute, for instance, projects that cap-and-trade will increase unemployment by 0.5% in the first decade below the baseline. Using U.S. Census population projection estimates, that’s equivalent to about 1.7 million fewer jobs than without cap-and-trade. A study done by Charles River Associates prepared for the National Black Chamber of Congress projects increases in unemployment by 2.3-2.7 million jobs in each year of the policy through 2030–after accounting for “green job” creation.