Waxman Markey Cap and Trade’s Biggest Losers: Machinery
Nicolas Loris /
It’s no secret operating machinery uses a lot of energy. What policymakers are trying to keep a secret is how cap and trade will affect the machinery industry, along with other energy intensive industries (farming, construction, manufacturing).
Cap and trade is an energy tax in disguise. Knowing that the public won’t accept an energy tax, especially not in a recessionary environment, Members of Congress are trying to push the cap and trade bill, despite the fact that most people think it has to do with regulating Wall Street than tackling climate issues.
After an initial increase in employment, the machinery industry takes a turn for the worst. Over the 2012-2035 timeframe modeled by Heritage Foundation economists, The Waxman-Markey bill would destroy almost 81,000 machinery jobs on average. By 2035, there will be nearly 263,000 fewer machinery jobs.
Guess they won’t be making a third Transformers.