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How Much Will Waxman-Markey Cost Us?

25 June 2009

The big legislative buzz around these parts has been, of course, the Waxman-Markey American Clean Energy and Security Act (ACES) which, among many things, proposes renewable energy and efficiency standards, a cap-and-trade policy in the US for greenhouse gas emissions and smart grid advancement.  The House is expected to vote on the bill this week, which would certainly make a huge difference environmentally.  But what is the impact on American families?

Some sources are claiming that this bill will cost American taxpayers thousands of dollars a year to accomplish, causing certain hardship for many families.  Luckily, this claim isn’t true!  The Environmental Protection Agency (EPA) did run a study to estimate the costs of Waxman-Markey, taking offsets and the use of allowance value into consideration, and concludes that the bill will cost the average American household between $80-111 annually.  $80 to make significant inroads on reducing harmful greenhouse gas emissions: about 22 cents a day for a household. Could everyone in your family rally together a quarter to put towards creating jobs, providing energy security and re-establishing the United State’s role as intellectual superpower in the world?  If you can’t, good news – the poorest households in the US could actually receive a net benefit from the bill.  Talk about a no-brainer!

:: Pew Center on Global Climate Change, Economix:New York Times

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