The Journal's editorial page today takes a look at California's AB32, aka California's cap & trade bill. Here are the opening couple of paragraphs as background:
California originates many ideas that roll across the country, for better or, lately, for worse. Now it has a global-warming law with no real name, just this: AB32. Last month, the California Air Resource Board (CARB) proclaimed in a report that AB32 would grow 10,000 jobs. This was widely cheered as good news. That's true only if you also repeal basic market economics and the state's current business indicators.
AB32 creates a statewide cap-and-trade program and imposes numerous command-and-control mandates that CARB calls "complementary measures" on businesses, such as low-carbon fuel standards and a goal of achieving 33% energy from renewable sources by 2020. Companies say compliance costs will force them to cut jobs and raise prices.
Unfortunately for Californians, an independent analysis of the measure by Charles River Associates finds that AB32 "would reduce income by 0.9% or $414 per year. Using a variety of scenarios, Charles River calculated the program would cost between $28 billion and $97 billion over the next decade. (emphasis added)"
Fortunately, for Californians, NTU is joining with the Howard Jarvis Taxpayers Association and many other allies with the California Jobs Initiative to circulate petitions to protect the state and its citizens from this predatory legislation. To find out how you can help, click here.