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First Doug Elmendorf undercut the Obama administration on health care. Now his Congressional Budget Office is going off message on cap and trade:
The CBO director added that although the risks of climate-related impacts on the economy were very difficult to quantify, "many economists believe that the right response to that kind of uncertainty is to take out some insurance, if you will, against some of the worst outcomes."
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.
"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...
The new name for anti-capitalism is environmentalism. The most important political trajectory of the past two decades has been from the rubble of the [Berlin] Wall to the forthcoming climate conference in Copenhagen.
Virtually every other politician and member of the chattering classes is not only a True Believer in catastrophic man-made climate change, but has spent the past year bemoaning the “greed” that allegedly led to the 2008 economic “crisis.”
They assiduously avoid the role of government policies and regulations in creating the crisis. Above all, they make no mention of the “greedy” market’s stunning success in bringing billions out of poverty since 1989. According to the World Bank, global per capital income, at constant prices, has grown from $3,615 in 1989 to $8,613 in 2008. Wall Street bonuses, which have been the focus of so much Sturm und Drang, account for a minuscule portion of 1% of that income figure... .
In the United States at the end of 2001, 10% of the population owned 71% of the wealth, and the top 1% controlled 38%. On the other hand, the bottom 40% owned less than 1% of the nation's wealth
Originally posted by nixie_nox
Still waiting for the proof that I am going to be paying 1700 plus more.*foot tapping*
The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.
A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the upper end of the administration's estimate, the cost per American household would be an extra $1,761 a year.
...Economic costs will likely be on the order of 1 percent of GDP, making them equal in scale to all existing environmental regulation. ...
CBO Director Douglas W. Elmendorf emphasized that his estimates contained significant uncertainties and "do not include any benefits from averting climate change," but his message nevertheless contrasted sharply with those of President Obama and congressional Democratic leaders, who have suggested that a cap on carbon emissions would help revive the U.S. economy.
Elmendorf testified before the Senate Energy and Natural Resources Committee that the cap-and-trade provisions of the House bill -- in which emitters of greenhouse gases would be able to buy and sell pollution credits -- would cut the nation's gross domestic product by 0.25 to 0.75 percent in 2020 compared with "what it would otherwise have been," and by 1 to 3.5 percent in 2050.
Elmendorf also pointed to disruptions that would occur as Americans sought employment with industries that would benefit under a carbon cap, such as solar and wind power.
"The shifts will be significant," the CBO director said. "We want to leave no misunderstanding that aggregate performance -- the fact that jobs turn up somewhere else for some people -- does not mean that there are not substantial costs borne by people, communities, firms in affected industries and affected areas. You saw that in manufacturing, and we would see that in response to changes that this legislation would produce."