House Speaker Nancy Pelosi said the cap-and-trade bill was about “jobs, jobs, jobs, jobs.” But liberal economist Paul Krugman tells National Public Radio a different story (thanks to OpenMarket):
This is a smart summary: “Waxman-Markey is the climate policy equivalent of Sarbanes-Oxley financial regulation, guaranteeing extensive new bureaucracy and substantial economic cost to the productive economy while achieving few of its stated objectives. And the “cap and trade” system at the heart of the bill is riddled with so many loopholes that it should be considered more of a “hairnet and giveaway.”
This long awaited U.S. government report sees U.S. temps rising as much as 10 degrees this century. Here is the exec summary. Unless this stuff comes with an economic cost-benefit anlysis of mitigation strategies, you are really only getting half the story
From the non-partisan Tax Foundation:
A new Tax Foundation calculator now shows how much a U.S. cap-and-trade system would cost individual households annually. The Tax Household Cap-and-Trade Burden Calculator is based upon a study released in March, Tax Foundation Working Paper No. 6, “Who Pays for Climate Policy? New Estimates of the Household Burden and Economic Impact of a U.S. Cap-and-Trade System.” The study shows that a cap-and-trade system designed to reduce greenhouse gas emissions by 15 percent would place an annual burden of $144.8 billion on American households. The average annual household burden would be $1,218, which would be approximately 2% of the average household income.