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.
November 24, 2015 09:49 AM by Doug Powers
November 9, 2015 06:44 AM by Doug Powers
November 6, 2015 10:19 PM by Doug Powers
November 5, 2015 10:07 AM by Doug Powers
November 3, 2015 09:14 AM by Doug Powers