Here's Gigi Sohn's (Public Knowledge) take on it:
“CCIA should be congratulated for sponsoring this significant project. For years, the copyright industries have made their case for restricting the rights of consumers based on the argument that their industry makes a significant contribution to the economy that could be jeopardized by fair use rights.(emphasis added)
“The results are telling. While the content industries claim employment of 11.3 million workers in 2005, the CCIA study found industries depending on fair use employed 17.3 million people in 2006. While the copyright industries claim to have generated $1.3 trillion (or 11.2% of Gross Domestic Product), the CCIA study found that fair-use industries generated $2.2 trillion in 2006.
“This report should guide policymakers and others who want to tilt further the copyright laws away from a reasonable balance between creators on the one hand and consumers and innovators on the other. The report presents a clear case that the harm to the economy could be more significant than previously thought by following a radical content industry policy that diminishes legitimate lawful use of copyrighted material.”
Couldn't have said it better myself.