New Report Reveals I-732 Will Cost Families $448 More Per Year, Threaten Jobs
By: The No On 732 Team
This year, voters in Washington State will have the chance to weigh-in on state climate policy for the first time. Usually these debates occur at far-off conferences, in Congress, or in obscure rulemaking processes in Olympia.
Unfortunately, the carbon tax proposed to voters in Initiative 732 is deeply flawed.
New research from the No On 732 campaign confirms the significant energy price hikes already disclosed by I-732 proponents. At a glance, our research shows I-732 will result in:
· $448 more for annual household energy costs.
· $.25 more per gallon of gas.
· 15,000 fewer manufacturing jobs.
· 6,000 fewer agriculture jobs.
· $11 billion higher Washington trade deficit.
The proponents of I-732 already warned us their energy tax would almost immediately increase the cost of gas by $.25. Our own research confirms that figure. Additionally, household electricity will go up 5 percent and natural gas by 15 percent. In total, that’s $448 more per year in energy costs alone for the average family if I-732 becomes law.
Our economy is back on track. The last thing we need are higher costs on things people have to do like drive to work, cook, and heat their homes.
I-732 also includes surprises for the rest of Washington. While proponents of I-732 claim it’s revenue neutral to the state, the government’s economists say it will cut $800 million from state coffers. That’s money that won’t be spent on education, public safety, and other important programs.
While the state budget is slashed, so is projected job growth and production in manufacturing and agriculture. Washington stands to have thousands of fewer jobs in historically good-paying and important economic sectors.
This all leads quickly to a $11 billion increase to Washington’s trade deficit as businesses and consumers are forced to purchase products and services from other countries and other states.
This is not a debate about whether to reduce carbon emissions; it’s a debate about how we do it. I-732 is the wrong approach for Washington State and is not a viable model to reduce carbon emissions.
That’s why dozens of labor, environmental, business, social justice, and agriculture leaders oppose I-732. Together we can continue our success in reducing carbon emissions while keeping Washington a great place to live, work, and do business.