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May 16, 2008

Climate Control: A Costly Proposal

A "Buyers Beware" moment is fast-coming upon us - it's snake oil salesman is disguised as the "Climate Security Act of 2007" proposed by Sens. Joseph Lieberman (I-Conn.) and John Warner (R-Va.). If Americans think our economy has some problems now, they're going to be amazed at how bad it becomes should this bill be passed:

[...] Think energy is expensive now? Wait until Congress plugs in the "Climate Security Act of 2007."

That's the leading piece of legislation on Capitol Hill designed to combat "climate change."Lawmakers have cooked up an expensive solution to a hyped-up rallying cry against a "problem" thatscientists can't even agree exists in the first place. Of course, Congress is doing what Congress seems to do best -- pass laws in response to the latest craze. In this case, if the politicians are successful, you may find yourself nostalgic for the days of $3.60 gasoline.

And that would be only the start. The overall economic costs could be staggering.

[...] So how would Lieberman-Warner affect our economy? Start with something we can all relate to: personal income. Under the bill, income in the U.S. would drop significantly, starting in 2012, from a decline of more than $30 billion that year to $121.9 billion in 2016. Or, to put it another way: All other things being equal, by 2016, the annual household income for a family of four would fall by $1,494 -- about what that family pays now for two months of food.

Gross domestic product would start to take a nosedive in 2012 as well. By 2030, GDP would be $436 billion less than it would be if the bill hadn't become law.

Energy prices would spike, too. Heating oil would go from $2,120 annually per household in 2012 to $2,728 by 2030. Over the same period, electricity would rise from $1,213 per year to $1,860, and natural gas would go from $1,090 to $1,393. By 2030, the Heritage researchers write, "the total energy bill for the average American consumer has gone up $8,870."

Posted by Richard at May 16, 2008 7:50 AM

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