A just-released report assembled by the nonpartisan Peterson Institute for International Economics confirms my long-held contention: The pending climate change bill, now known as the American Power Act, will be an economic bust for America by killing jobs and raising prices for virtually everything.
Last week, in what the National Academy of Sciences declared “the most comprehensive report ever on climate change,” three studies requested by Congress were unfurled, providing sweeping proposals for an aggressive federally based strategy to deal with climate change.
Bold actions are necessary because “climate change is occurring, the Earth is warming … concentrations of carbon dioxide are increasing, and there are very clear fingerprints that link [those effects] to humans,” said Pamela A. Matson of Stanford University, co-chair of the studies and the subsequent report to Congress.
The report was ordered by congressional Democrats who want climate change legislation passed and signed into law this year. Both the House climate bill (passed last year) and the pending Senate version call for the trading of carbon credits, as well as heavy taxes on businesses that emit greenhouse gases in order to supposedly cool the planet. The Senate is expected to renew debate on the issue later this summer.
However, a just-released report assembled by the nonpartisan Peterson Institute for International Economics confirms my long-held contention: The pending climate change bill will be an economic bust for America by killing jobs and raising prices for virtually everything.
The Peterson Institute’s report focuses on Senators John Kerry (D-MA) and Joe Lieberman’s (I-CT) bill, The American Power Act. Overall, Peterson’s eighteen-page synopsis of the bill definitely leans green. For example, the reports states, “Climate change is occurring, is caused largely by human activities, and poses significant risks for — and in many cases is already affecting — a broad range of human and natural systems.”
Those of you who have read my book Climategate, as well as my multiple missives on American Thinker, know I wholeheartedly disagree with the anthropogenic global warming hypothesis.
Besides believing that humans are altering the climate, the Peterson report recommends that a single federal entity or program be given the authority and resources to coordinate a national, multidisciplinary research effort aimed at improving both understanding and responding to climate change.
In other words, the nonpartisan report contends that government is the solution to the problem.
Nonetheless — and surprisingly — the report states that if the Kerry-Lieberman bill should become law, there will be net job losses and higher energy and product prices.
The Peterson analysis neatly buries those findings after stating that 203,000 new green jobs will be created each year for a decade. Specifically, the report states the net employment losses will be due to “the jobs lost in fossil fuel production and as a result of higher energy prices between 2011 and 2020. In the second decade of the program [2020-2030], higher energy and product prices offset the employment gains from new investment.”
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