Cap and Trade: Measuring the Disaster

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.