A couple days ago, we posted on how the cap-and-trade bill passed by the House a few months ago will cost families $1,761 more in taxes than the Obama Administration admitted.
Now there is a report that states we may see a reduction of as much as 3.5% reduction in the gross domestic product (GDP) by 2050:
The climate change bill approved by the U.S. House of Representatives would reduce the gross domestic product of the United States by as much as 3.5 percent in 2050, the Congressional Budget Office estimates.
The Democratic-controlled House passed landmark legislation in June aimed at slashing industrial pollution that is blamed for global warming. “Reducing the risk of climate change would come at some cost to the economy,” the CBO said in a reported posted on its website on Thursday.
The report concludes that if cap and trade provisions of the bill are implemented, the measure would reduce the gross domestic product by between 1 percent and 3.5 percent below what it otherwise would have been in 2050.
The full CBO report is available from the Congressional Budget Office.
The more and more we learn about how this bill will affect our personal lives and our economy, the more it looks like this bill is dead in the water.