Tags: cbo | cap | and | trade | jobs

Budget Watchdog: Cap-and-Trade Will Cost Jobs

By    |   Thursday, 22 October 2009 11:13 AM EDT

A House Bill authorizing a cap-and-trade system of pollution credits will slow economic recovery by keep unemployment high, according to the head of the Congressional Budget Office.

CBO Director Douglas W. Elmendorf said those employed in fossil-fuel industries would look for jobs in sectors that would fare better under cape-and-trade legislation, such as power and wind energy businesses.

But, not everyone will find employment, which could slow economic growth over decades.

“We want to leave no misunderstanding that aggregate performance — the fact that jobs turn up somewhere else for some people — does not mean that there are not substantial costs borne by people, communities, firms in affected industries and affected areas” Elmendorf said, according to The Washington Post.

“You saw that in manufacturing, and we would see that in response to changes that this legislation would produce.”

Democrats, including Rep. Edward J. Markey of Massachusetts, say the bill “would only cost about a postage stamp a day, and that's before you include thousands of dollars in savings from energy-efficiency gains.”

Some Republicans in Congress, including South Carolina Sen. Lindsey Graham, have hinted at their support for coming to a bipartisan effort to pass some version of a climate bill, elating some Democratic Senators, who are ready to debate the legislation later this year.

© 2025 Newsmax. All rights reserved.


Economy
A House Bill authorizing a cap-and-trade system of pollution credits will slow economic recovery by keep unemployment high, according to the head of the Congressional Budget Office.CBO Director Douglas W. Elmendorf said those employed in fossil-fuel industries would look...
cbo,cap,and,trade,jobs
213
2009-13-22
Thursday, 22 October 2009 11:13 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved