Congressional Budget Office Director Douglas Elmendorf has told a Senate energy panel that the House-passed bill that targets climate change through a cap-and-trade system of pollution credits would slow the nation's economic growth slightly over the next few decades and would create significant job losses from fossil fuel industries as the country shifts to renewable energy. Elmendorf added, that his estimates contained significant uncertainties and do not include any benefits from averting climate change.
Elmendorf testified before the Senate Energy and Natural Resources Committee that cap-and-trade provisions in the House bill would cut the nation's gross domestic product by 0.25% to 0.75% in 2020 compared with what it would otherwise have been and by 1% to 3.5% in 2050. Elmendorf also pointed to disruptions that would occur as Americans sought employment with industries that would benefit under a carbon cap, such as solar and wind power.
President Obama and Congressional Democratic leaders have suggested that a cap on carbon emissions would help revive the U.S. economy. At the same time, opponents of climate-change legislation are suggesting that Elmendorf's statements meant the United States would be better off not curbing greenhouse gas emissions linked to climate change.
Powered by iNet Solutions Group ©2011 All Rights Reserved.