Conn Carroll does the math:
Most problematic is their complete omission of economic damage from restricting energy use. Footnote three on page four reads, “The resource cost does not indicate the potential decrease in gross domestic product (GDP) that could result from the cap. The reduction in GDP would also include indirect general equilibrium effects, such as changes in the labor supply resulting from reductions in real wages and potential reductions in the productivity of capital and labor).” That’s a pretty big chunk of change to ignore. In The Heritage Foundation’s analysis of the Waxman-Markey climate change legislation, the GDP hit in 2020 was $161 billion (2009 dollars). For a family of four, that is $1,870 that they ignore.
May 21, 2015 08:21 PM by Doug Powers
May 20, 2015 09:08 PM by Doug Powers
May 11, 2015 08:10 PM by Doug Powers
May 1, 2015 09:16 PM by Doug Powers
April 22, 2015 09:10 PM by Doug Powers