Research Briefing

Al Gore Jets In To Virginia To Help His Fellow Cap And Trader, Creigh Deeds

ENVIRONMENTAL GURU AL GORE WILL HOST A FUNDRAISER FOR DEEDS

Today, Gore Will Host A Fundraiser For Deeds. “Former Vice President Al Gore will be coming to Virginia on Friday to give a last-minute boost to the Democratic candidate for governor, Creigh Deeds, a party source said. Gore will headline a private fundraiser in McLean at the home of longtime Democratic supporters Al and Claire Dwoskin.” (Mike Allen, “Gore Coming To Va. For Deeds,” Politico, 10/14/09)

DEEDS SUPPORTED KAINE’S CALL FOR CAP AND TRADE

Deeds Signed Onto Gov. Tim Kaine’s (D-VA) Call To Congress To Establish “Mandatory Economy-Wide Cap And Trade Program.” “As a member of Gov. Kaine’s Climate Change commission, I have endorsed the many measures undertaken through our work;” “The Governor should ask Congress to act as soon as possible to pass comprehensive climate change legislation that includes the following key provisions: Establishes a mandatory economy-wide cap and trade program to reduce greenhouse gas emissions …” (R. Creigh Deeds, Sierra Club Survey - Virginia’s 2009 Democratic Gubernatorial Candidates, 2009; Governor’s Commission On Climate Change, “Final Report: A Climate Change Action Plan“, 12/15/08)

• And Kill Up To 56,000 Virginia Jobs. “The jobs impact of [the Waxman-Markey Bill, H.R. 2454] is delayed by the free allocation of permits and generous carbon offsets. By 2030, as emission reduction targets tighten and other W/M provisions phase out, Virginia jobs decline by 41,400 under the low cost case and by 56,400 under the high cost case.” (National Association Of Manufacturers & American Council For Capital Formation, “Virginia: Economic Impact On The State From The Waxman-Markey Bill, H.R. 2454 Proposed Legislation To Reduce Greenhouse Gas Emissions,” 8/09)

DEMOCRAT CAP AND TRADE BILL HURTS FAMILIES, WORKERS, AND ECONOMY

“Cap And Trade” Hurts American Families By Reducing Household Income. “Reduce domestic households’ income, thus tending to reduce domestic saving.” (Douglas Elmendorf, Committee On Energy And Natural Resources, United States Senate, 10/14/09)

• Obama Administration Admits “Cap And Trade” Legislation Could Cost American Families Up To $1,761 Per Year. “The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent ... the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration's estimate, the cost per American household would be an extra $1,761 a year.” (Dean McCullagh, “Cap-and-Trade Redux: $1,761 Annually Per Family? Or Not?” CBS News' “Taking Liberties” Blog, 9/16/09)

“Cap And Trade” Hurts American Businesses With Higher Energy Prices That Reduces Productivity. “Reduce the productivity of existing capital and labor, which are currently geared to relatively inexpensive energy.” (Douglas Elmendorf, Committee On Energy And Natural Resources, United States Senate, 10/14/09)

• And Increases Costs Of Doing Business. “Discourage investment by increasing the costs of producing capital goods, which is a relatively energy-intensive process.” (Douglas Elmendorf, Committee On Energy And Natural Resources, United States Senate, 10/14/09)

“Cap And Trade” Hurts American Workers By Cutting Jobs And Lowering Wages. “Reduce the total supply of labor by raising the prices of consumer goods and thus reducing workers’ real wages.” (Douglas Elmendorf, Committee On Energy And Natural Resources, United States Senate, 10/14/09)

• Brookings Institution Says “Cap And Trade” Will Cause Job Losses. “A report issued by the left-leaning research organization said that if Congress passes something similar to President Obama's or the House's proposed plan, the economy would take the biggest hit around 2025. ... the net job loss would be 0.5 percent over the first 10 years that the legislation is in effect.” (Amanda DeBard, “Study: Cap And Trade Would Hurt Economy,” The Washington Times, 6/9/09)

“Cap And Trade” Hurts American Economy By Reducing Economic Growth Between 1% And 3%. “In testimony before the Senate Energy Committee, CBO director Douglas Elmendorf also said that the ‘cap and trade’ provisions in a bill passed by the House would cut U.S. GDP by between 1% and 3.5% by 2050.” (Robert Schroeder, “Climate-Change Legislation Would Come At Cost, CBO Says,” Market Watch, 10/14/09)

• And Hurts American Companies By Discouraging Investment. “Reduce net inflows of capital from abroad (because lower productivity and higher production costs for capital goods in the United States would make it more attractive for investors to invest in other countries).” (Douglas Elmendorf, Committee On Energy And Natural Resources, United States Senate, 10/14/09)