CBO Says Climate Bill Will Hurt Not Help Economy

The American Thinker ^ | October 14, 2009 | Marc Sheppard

[Scanian]

Today, the director of the Congressional Budget Office warned the Senate Energy and Natural Resources Committee that proposed climate change legislation would impose "significant costs" on America's GDP and employment. That’s not exactly what proponents had promised.

According to CBO chief Douglas Elmendorf, the Waxman-Markey bill passed in the House last June would reduce GDP by between one and three quarters of a percent by 2020, and between 1 and 3.5% by 2050. To the average household that might equate annually to $160 by 2020 and $925 by 2050 – hardly the “cost of a postage stamp” promised by the White House.

And the CBO director admitted the obvious -- that even those figures, which represent just a fraction of many economists’ predictions, are likely somewhat understated:

[C210N]

$160 by 2020 and $925 by 2050 – hardly the “cost of a postage stamp” promised by the White House.

Could be... where does the Post Office Czar want to take postage stamps, price-wise?

[cranked]

Is this another “No crap Sherlock aka Captain Obvious” thread?

[timetostand]

Duhhhhh! YA Think!!

[G Larry]

Let’s see...the “energy bill” will make it economically impossible for the development or construction of new power plants, disallow new oil drilling, natural gas facilities, and coal mining, and it won’t authorize any new nuclear power plants.
It pretends to promote solar and wind energy, but won’t allow a large, very efficient 500 Mw solar facility in the Mojave desert, or a Wind farm off the MA coast.

So it is a very expensive bill which produces NO ENERGY, KILLS JOBS, and DESTROYS AMERICAN INDUSTRY and ALL OF THE ASSOCIATED TAX REVENUE.....Tell me again why this is called an “enrgy bill”????

[marstegreg]

I don’t trust the CBO much anymore. Remember when the Healthcare bill was going to cost trillions? Then, after going to the White House, the CBO announced the healthcare bill would actually save money.

[Buckeye McFrog]

ever get the feeling that the collective braintrust at the CBO is going to wake up one of these mornings and find themselves in a FEMA camp?