The Economic Effects of Sopa/Pipa

So there's two bills in Congress right now. One is called SOPA, the other is called PIPA. SOPA stands for the Stop Online Piracy Act. It's from the Senate. The Stop Online Piracy Act (SOPA) is a United States bill introduced by U.S. Representative Lamar S. Smith (R-TX) to expand the ability of U.S. law enforcement to fight online trafficking in copyrighted intellectual property and counterfeit goods. Provisions include the requesting of court orders to bar advertising networks and payment facilities from conducting business with infringing websites, and search engines from linking to the sites, and court orders requiring Internet service providers to block access to the sites. The full title is "To promote prosperity, creativity, entrepreneurship, and innovation by combating the theft of U.S. property, and for other purposes."
And the other bill is called , is called PIPA. It is short for PROTECTIP, which is itself short for Preventing Real Online Threats to Economic Creativity and Theft of Intellectual Property. The PROTECT IP Act is aproposed law with the stated goal of giving the US government and copyright holders additional tools to curb access to "rogue websites dedicated to infringing or counterfeit goods", especially those registered outside the U.S. The full title of bill is “Preventing Real Online Threats to Economic Creativity and Theft of Intellectual Property Act of 2011”.
And what SOPA and PIPA has to proclaimed goals:
First is protecting intellectual property of content creators. According to Rep. Goodlatte, "Intellectual property is one of America's chief job creators and competitive advantages in the global marketplace, yet American inventors, authors, and entrepreneurs have been forced to stand by and watch as their works are stolen by foreign infringers beyond the reach of current U.S. laws. This legislation will update the laws to ensure that the economic incentives our Framers enshrined in the Constitution over 220 years ago—to encourage