Obama Speaks About Creating Jobs, CBO Says Cap-and-Trade Will Kill Them

The Weekly Standard

Barack Obama, speaking at a stimulus-sponsored construction project in Fairfax County, Va. today:

“Our goal is not just to rebound from this recession, but to start building an economy that works for all Americans, where everyone who’s looking for work can find a job; and not just a temporary job, but a permanent job that lasts from season to season; where our stock market isn’t only rising again, but our businesses are hiring again.”

CBO Director Douglas Elmendorf speaking to a Senate panel about cap-and-trade legislation today:

“The net effect of that we think would likely be some decline in employment during the transition because labor markets don’t move that fluidly,” Mr. Elmendorf said, testifying before the Senate Energy and Natural Resources Committee.

Obama:

“You know, hardworking Americans have borne the brunt of this recession. They’ve been laid off in historic numbers, they’ve seen their hours trimmed and their wages cut, they’ve lived in fear of being the next ones to be let go. And that’s not right.”

Elmendorf:

“The fact that jobs turn up somewhere else for some people does not mean there aren’t substantial costs borne by people, communities, firms and affected industries,” he said.

Obama:

“And we are going to keep on going until we make sure that every single American in this country who’s looking for work is going to be able to get the kind of well-paying job that supports their families.”

Elmendorf:

The CBO estimates that the House-passed climate legislation, a template for the Senate version, would reduce gross domestic product by up to 0.75% by 2020 and 3.5% by 2050.

Posted by Mary Katharine Ham, October 14, 2009

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