“This is not sugar coated,” Barrasso said. “The CBO assessment of the Waxman-Markey climate bill (HR 2454) is very bad news for Wyoming industry,” Barrasso said. “It is bad news for America’s fossil fuel sector. The CBO has painted a worrying, yet very honest picture of the impact of this bill on Wyoming jobs.”
However, transcripts of Elemendorf’s testimony went further, explaining that the example of the manufacturing industry proved that the economy can absorb long-term changes while maintaining high levels of employment.
“Although manufacturing employment rose and fell with the business cycle over the period, the larger story is one of offsetting job creation and shifts of workers to other sectors of the economy,” he said. “For example, from 2000 through 2007, employment in manufacturing fell by 3.5 million jobs, while nonmanufacturing private employment increased by 8.2 million jobs.”
The climate change bill, Emendorf explained, would have a small impact on the nation’s overall employment, but would likely cause a significant shift in the composition of employment over time. He noted that shifting employment can have substantial costs for the families and communities involved.
Provisions of HR 2454 are intended to dampen the effects of the policy in regions and industries where they are expected to be most severe. The provisions would blunt the impact on oil refineries, the coal industry, and support worker training and job seeking efforts.
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