CBO KO: Waxman-Markey hurts the economy more than “doing nothing”
For all the warnings about the dire consequences of ignoring the threat posed by climate change, the reader of the latest CBO report may be shocked to discover this admission:
Despite the wide variety of projected impacts of climate change over the course of the 21st century, published estimates of the economic costs of direct impacts in the United States tend to be small. Most of the economy involves activities that are not likely to be directly affected by changes in climate. Moreover, researchers generally expect the growth in the U.S. economy over the coming century to be concentrated in sectors—such as information technology and medical care—that are relatively insulated from climate effects. Damages are therefore likely to be a smaller share of the future economy than they would be if they occurred today.