Congressional Budget Offices Ignores Climate Bill's Economic Impact

As if though it weren't already bad enough that politicians want to saddle us with higher energy costs through a program that has no Constitutional authority it is now the case that this bill will directly harm our economy and kill more jobs than it produces.

(CNSNews.com) – The Congressional Budget Office (CBO) did not calculate the economic costs of House Democrats’ massive cap and trade legislation, only accounting for how the government plans to collect and redistribute revenues from selling carbon emissions permits.

The analysis, which was released June 19, shows that if Democrats’ carbon reduction schemes turn out exactly as planned, government will be able to largely mitigate the per-household financial impact of a cap and trade system by redistributing the revenues collected from businesses across the population, resulting in a net per-household cost of about $165 per year.

However, the CBO report does not examine the economic impact of imposing billions in new operating and production costs on virtually every industry in America. It only assumes that the price businesses pay for the allowances will be directly passed on to consumers in the form of higher prices.

Rest of the story here.