Under Cap and Trade, as President Obama noted, “the price of electricity will necessarily skyrocket.” Heritage estimates the average energy costs per a family of four will increase $426 in 2012, an increasing in years after that.
These higher prices will result in jobs losses. Particularly hard hit will be the manufacturing sector, but transportation, chemicals, wood products, machinery, paper, plastics & rubber, electrical equipment & appliances, and construction will also be areas where jobs are lost.
Of course, these jobs losses will impact states differently. And Heritage even breaks out the impact by Congressional District.
Lastly, Cap and Trade will hurt state budgets, causing a loss in revenue. Pennsylvania would see a state revenue loss of about $219 million.