New Study: Cap and Trade will Cost Thousands of Virginia Jobs

—Bob McDonnell Releases Statement—

VIRGINIA BEACH-  A new study commissioned by the American Council for Capitol Formation and the National Association of Manufacturers found that implementation of the federal Waxman-Markey bill, commonly known as Cap and Trade, would have a devastating effect on Virginia workers and families. By 2030 between 41,000 and 56,000 jobs would be wiped out in the Commonwealth. The study further projected that Virginia would see a marked reduction in GDP, energy costs would increase greatly, lower income Virginians would be hit the hardest by the increased costs resulting from the legislation, the output of Virginia industries would be reduced, resulting in job losses, and the budgets of schools, hospitals, law enforcement would be directly impacted.

The study can be viewed here: http://www.accf.org/media/docs/nam/2009/Virginia.pdf

In response to the release of the study Republican gubernatorial nominee Bob McDonnell released the following statement:

“Cap and Trade is a job killer. I have repeatedly and vocally made clear that it is bad policy for Virginians. As the Vice President of MeadWestvaco’s Covington facility made clear to me when I visited in July, candidates for public office in Virginia should make clear where they stand on legislation that would have such a detrimental impact on the livelihoods of the people of our state. Despite this, my opponent in this campaign has refused to join me in sending a joint letter to our United States Senators expressing our opposition to this measure. He has repeatedly expressed his belief that this legislation will not impact Virginians. That could not be more incorrect. Thousands of jobs will be lost if it is passed. Energy costs will go up, and the hardest hit will be the Virginians least able to afford it. My opponent supports federal cap and trade legislation. Today he made clear he will raise the gas tax if elected governor. Virginians are hurting. They cannot afford the implementation of policies, federal or state, that take more money out of their wallets in the worst economy in 25 years. “

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