Assemblyman Hagman responds to the CMTA’s findings
Sacramento – From the beginning, Republicans, businesses, and economists have been warning Californians about the devastating effects and negative impact AB 32 will have on our jobs and economic future. Now, thanks to a new compressive study, we have been given a clearer view into that future, and it looks bleak.
Recently the California Manufacturing and Technology Association (CMTA) released the “Fiscal and Economic Impact of the California Global Warming Solutions Act of 2006.” In this study, the CMTA found that by 2020, California will have 262,000 fewer jobs, $7.4 billion dollars less in annual tax revenues, 5.6% less gross state product, and California’s families will be paying a hidden tax of roughly $2,500 and lose $900 in earnings per year; and these are based on optimistic scenarios.
“AB 32 policies put a huge burden on California’s families. We will be forced to pay more in hidden taxes at the same time more businesses leave the state and the job market decreases,” said Assemblyman Hagman. “This study confirms what we have been saying all along. Because of the excessive and impractical demands of AB 32, small businesses will suffer, consumers will pay more, and our economy will lose revenue and investment.”
California remains the only state to put a cap on emissions to attempt to reduce greenhouse gases. With studies like this, it is likely that the rest of the nation will continue to reject such outrageous proposals while benefiting from California’s economic exodus.
To read the full CMTA survey, please visit: www.cmta.net/page/AB32.php