Cap-and-Trade Would Slow Economy, CBO Chief Says
By Juliet Eilperin
Washington Post Staff Writer
Thursday, October 15, 2009
A House-passed bill that targets climate change through a cap-and-trade system of pollution credits would slow the nation's economic growth slightly over the next few decades and would create "significant" job losses from fossil fuel industries as the country shifts to renewable energy, the head of the Congressional Budget Office told a Senate energy panel Wednesday.
CBO Director Douglas W. Elmendorf emphasized that his estimates contained significant uncertainties and "do not include any benefits from averting climate change," but his message nevertheless contrasted sharply with those of President Obama and congressional Democratic leaders, who have suggested that a cap on carbon emissions would help revive the U.S. economy.
Elmendorf testified before the Senate Energy and Natural Resources Committee that the cap-and-trade provisions of the House bill -- in which emitters of greenhouse gases would be able to buy and sell pollution credits -- would cut the nation's gross domestic product by 0.25 to 0.75 percent in 2020 compared with "what it would otherwise have been," and by 1 to 3.5 percent in 2050. Read More
Beyond the scope of agriculture, cap and trade will cost our country jobs and money. It will make it more difficult for families to afford the basic necessities of food and shelter with heat and electricity. Is that the type of future we want to leave for our kids? Our forefathers worked too hard to grow this country and make it continually better for the next generation to go backwards in time.