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NAM Releases Important Analysis of the Economic Impact of the Climate Change Legislation
The NAM and the American Council for Capital Formation (ACCF) have just released an important analysis of the economic impact of the climate change legislation the House passed in June. This comprehensive study demonstrates that enacting H.R. 2454, the American Clean Energy and Security Act – commonly known as the Waxman-Markey bill – will cause serious, long-term damage to U.S. growth and jobs, with the manufacturing economy taking an especially hard hit.
The analysis also includes 15 state-by-state breakdowns, confirming that states with large manufacturing sectors will suffer most from the higher energy costs caused by Waxman-Markey. NAM will release data for the remaining states in the coming weeks. The key findings:
- Cumulative loss in GDP up to $3.1 trillion (2012-2030)
- Employment losses up to 2.4 million in 2030
- Manufacturing output decreases from 5.3 percent to 6.5 percent by 2030
- Residential electricity price increases up to 50 percent by 2030
- Gasoline price increases (per gallon) up 26 percent by 2030
This NAM-ACCF analysis was conducted by the Science Applications International Corporation (SAIC), the same group that conducted our 2008 analysis of the Lieberman-Warner bill. For inputs, they made assumptions using the best public data available to reach the most accurate assessment on the bill’s impact on jobs and the economy. The NAM/ACCF analysis used the most recent version of the Energy Information Administration (EIA) Annual Energy Outlook, which includes the stimulus law enacted in February 2009, as well as the original stimulus law enacted in October 2008, and the Energy Improvement and Extension Act of 2008. All of NAM's assumptions are available publicly on their website. For more information on NAM's assumptions or detailed findings, please visit www.nam.org/climatechangereport.
MWV Opposes/Identifies Major Concerns with House Climate Bill
- Click here to read NAM Executive Vice President Jay Timmons' article which appeared in Roll Call: An 'Anti-Energy' Bill is the Wrong Approach Today
- Click here to see result of tally on vote taken by Congress - U.S. House of Representatives: vote on Waxman Markey bill, June 26th.
- Click here to read Mark George, MWV's Covington mill manager, views on climate change legislation published by the Richmond Times-Dispatch
- Click here to read AEI's Outlook Series Article - Waxman-Markey: An Exercise in Unreality
- Waxman Markey "ACES" Bill - click here to read the major flaws with this bill
NAM Announces Award Winners
The NAM’s member-led Key Vote Advisory Committee (KVAC) has officially completed its key vote selection process and determined the recipients of the NAM Award for Manufacturing Legislative Excellence. The NAM Award is given to those members of the House and Senate who have earned a 70 percent or higher rating on key manufacturing votes as recorded in the NAM’s 110th Congress Voting Record. There were 224 recipients of the award overall – 43 in the Senate and 181 in the House. Click here to see the list of award winners. To see how your legislators voted on issues important to MWV, click here.
This award is not a political endorsement, but rather an opportunity for manufacturers to positively recognize those legislators who consistently support the manufacturing agenda.
NAM Announces 111th Congress Agenda
The NAM unveiled its Legislative Agenda for Economic Recovery and Job Creation at a press conference on Feb. 23. “Congress, the Obama Administration and the private sector are in a strong position to respond in a positive and effective way to the nation's tremendous economic challenges,” says NAM President & CEO John Engler. However, Engler added, the vitality of U.S. manufacturing cannot be taken for granted. “It requires hard work and smart policies to keep U.S. manufacturing competitive in the global marketplace. The basic challenge is to retain and create jobs. A strong manufacturing sector is vital to meeting this challenge.” The NAM agenda was hand delivered to all Members of Congress earlier this week and is available to NAM members. Click here to read the NAM's agenda.
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