Cap and trade: measuring the disaster

From Powerline: The Heritage Foundation has released a new economic analysis of Waxman-Markey, the cap and trade bill that is dead--we hope--at least for this year. The results aren't pretty. Heritage finds that Waxman Markey would, by 2035: * Increase gas prices 58% above the increases included in the baseline forecast. * Increase electricity prices by 90%. * Raise energy costs for an average family of four by $1,241 per year. * Cause the average family of four to pay $4,609 more per year, including increased taxes. * Reduce GDP by an aggregate amount of $9.4 trillion. * Increase the national debt by an additional $12,803 per person. This chart illustrates the projected increases in energy costs; click to enlarge: This one shows annual reductions in GDP: The most remarkable thing about Waxman-Markey is that it might not be the worst bill introduced into Congress this year.

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