As expected, the Cap and Tax (Trade) bill will do nothing but harm to our already-fragile economy. From Marc Sheppard in the American Thinker regarding the CBO’s latest findings.
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 that even those figures may be severely understated:
“The uncertainties are very large, even for 2020, and they get larger over time”
He identified one of the uncertainties of “the cost of reducing carbon emissions” as just “how readily the economy can move” in response, admitting that the CBO is only “guessing the rate.”
The highest accounting authority in the land is only guessing the rate used in its cost analysis of the proposed largest tax-hike in history? Wow hardly covers it.
Yet Sen. Lindsey Graham is on board with this? Unbelievable. View the full story here.