Place Your Bets

The Congressional Budget Office has released some very interesting numbers (PDF) on the cost to households of Waxman-Markey. Very interesting, indeed:

On that basis, the Congressional Budget Office (CBO) estimates that the net annual economywide cost of the cap-and-trade program in 2020 would be $22 billion—or about $175 per household. That figure includes the cost of restructuring the production and use of energy and of payments made to foreign entities under the program, but it does not include the economic benefits and other benefits of the reduction in GHG emissions and the associated slowing of climate change. CBO could not determine the incidence of certain pieces (including both costs and benefits) that represent, on net, about 8 percent of the total. For the remaining portion of the net cost, households in the lowest income quintile would see an average net benefit of about $40 in 2020, while households in the highest income quintile would see a net cost of $245.

Emphasis mine. So, how long do you think GOP legislators will continue to use the bogus $1,600 cost per household per year figure they’ve been touting? I’m putting my money on “indefinitely.”

Comments

  1. Doug says:

    I’ll bet against you. I’m going with, only until someone can formulate a $16,000 estimate.

  2. Flip says:

    “According to Oil and Gas Journal, as of January 2009, Iran has an estimated 136.2 billion barrels of proven oil reserves, or roughly 10 percent of the world’s total proven petroleum. Iran has 40 producing fields, 27 onshore and 13 offshore, with the majority of crude oil reserves located in the southwestern Khuzestan region near the Iraqi border. Iran’s crude oil is generally medium in sulfur content and in the 28°-35° API range. In 2007, Iran exported about 2.4 million bbl/d of oil, primarily to Asian and OECD Europe countries, making it the fourth largest exporter in the world.”

    http://www.eia.doe.gov/cabs/Iran/Oil.html

    I’ll bet if Iran falls, Ryan Avent forgets about the CBO’s report, who Waxman Markely is, and Republicans altogether.

    We’ll have to tap the strategic petroleum reserve immediately and build a transcontinental high speed rail system overnight.

  3. Clara says:

    Today (July 2) I received a flier from my congressman John Kline (R MN), stating that cap-and-trade “is a huge new tax on energy that will cost the average family an extra $3900 a year, and devastate small businesses and family farms.”

    I e-mailed him that the CBO thought otherwise, but I’m not holding my breath on the retraction.