One analysis by CRA International estimates the Lieberman-Warner bill will cost $4 to $6 trillion over 40 years. The American Council for Capital Formation has concluded that the legislation’s emissions-swapping scheme would lead to “higher energy prices, lost jobs and reduced [gross domestic product].” During testimony before a House committee, Peter Orszag, director of the Congressional Budget Office (CBO), stated that such swapping programs known as “cap-and-trade” would create “windfall” profits – profits that have even been denounced by presidential candidate John Edwards. The CBO has also cautioned that “price increases would disproportionately affect people at the lower end of the income scale.” It is baffling that congressional Democrats, who never cease to spout their populist rhetoric, are ignoring such a clarion call for ensuring economic stability among low and middle-income families. Former Federal Reserve Chairman Alan Greenspan in his new book, “The Age of Turbulence,” described how these programs have unintended effects when he wrote that “[c]ap-and-trade systems or carbon taxes are likely to be popular only until real people lose real jobs as their consequence. There is no effective way to meaningfully reduce emissions without negatively impacting a large part of an economy,” he argued. Democrats in Congress would do well to listen to Mr. Greenspan’s cogent views. The rhetoric surrounding the issue of greenhouse gases has been fraught with emotion rather than reason.
Senate Climate Bill Will Cost Trillions for No Benefit, Says The Washington Times Editorial:
Small island states meeting in the Maldives in the Indian Ocean this week are working on a resolution saying that climate change is a threat to human rights.
Nov. 12 (Bloomberg) — American officials are planning to back a new United Nations document that says governments and businesses will have to spend billions of dollars a year to reduce global warming and adapt to its effects.
The ocean’s plankton can suck up far more airborne carbon dioxide (CO2) than previously realised, although the marine ecoystem may suffer damage if this happens, a new study into global warming says.
The sea has soaked up nearly half of the CO2 that has been emitted by fossil fuels since the start of the Industrial Revolution.
Reading about the recent global warming rally at Kincaid Park, I wondered if the participants would be relieved if man’s activities were proved not responsible for Alaska’s warming weather. An intriguing question.
The IPCC’s Assessment Report will tell policy-makers what to expect from man-made climate change. It is the result of rigorous and painstaking labour: more than can be said for the other Nobel Prize winner. The difference between Gore’s claims and IPCC research is instructive.
Ignore Al Gore – but not his Nobel friends
By Bjorn Lomborg