Numerous economic studies support a leaked memo from the Obama administration that said restricting carbon dioxide emissions will have a severe negative impact on the U.S. economy.
Applying the U.S. Energy Information Administration’s economic forecasting model, Science Applications International Corporation reports reducing U.S. carbon dioxide emissions 70 percent by 2050 could kill 4 million U.S. jobs, cause gasoline and electricity prices to more than double, and reduce household income by more than $7,000 each and every year.
The Congressional Budget Office reports reducing U.S. carbon dioxide emissions a mere 15 percent would cut household incomes 3 percent, costing a family making $50,000 per year $1,500 in lost income each year.
A Massachusetts Institute of Technology study reports similar economic costs, also finding U.S. reductions will do little good unless China and other developing nations reduce their emissions.
— James M. Taylor