The cap-and-trade based system, pushed by the Obama administration and passed by the U.S. House, could cause energy costs to skyrocket and fuel more unemployment
Critics of the Waxman-Markey climate change legislation that narrowly passed the U.S. House of Representatives say energy costs will skyrocket if the bill - as it stands now - becomes law. Manufacturing & Technology eJournal asked readers what actions they were most likely take at their company to offset the inevitable increases in energy costs.
AND THE RESPONSES WEREN'T VERY ENCOURAGING
*More than 17 percent of those who answered said they would have to shut down their business because there is no way they could handle the kinds of increases being predicted.
The unscientific poll taken of Manufacturing & Technology eJournal readers from June 28th through July 1st drew 943 responses.
OTHER CHOICES INCLUDED:
*Would raise the price of my product or service to customers (22 percent);
*A combination of price increases, personnel cuts and reductions in pay and benefits (20 percent);
*Switch to a 4-day workweek (15 percent);
*Layoff workers (14.5 percent).
*Only nine percent said they would do their best to absorb the energy costs increases without making any changes.
In a statement to Manufacturing & Technology eJournal, U.S. Senator Jim Bunning (R-KY) said he would fight the legislation in the Senate.
"The Cap and Trade Bill that passed the House is a jobs killer bill plain and simple,' Bunning said. "The legislation is essentially an energy tax hike on small businesses, and will raise electricity costs in Kentucky ninety percent by the year 2035. President Obama's pledge to not raise taxes on people making less than $250,000 a year is thrown out the window with his support of this tax-raising legislation.'
Other U.S. Senators from Ohio, Indiana, Kentucky and Michigan have been asked to comment on the poll and if they planned to support or fight the legislation when it comes before the Senate. Look for their responses soon.
(For an update, see our latest article here http://www.mfrtech.com/articles/2307.html)
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