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.
June 24, 2015 09:53 PM by Doug Powers
June 24, 2015 08:11 AM by Michelle Malkin
June 24, 2015 07:58 AM by Doug Powers
Friday idiocy dump: Obama admin says EPA’s new truck emission regs will make shipping things totally cheaper
June 19, 2015 02:36 PM by Doug Powers
June 9, 2015 10:25 AM by Doug Powers