Congressional Republicans have been telling voters that the cap and trade energy policy that’s set for a vote on Friday will cost each household about $3,100.
CBO puts the lie to those numbers and shows that they’re nearly 20 times the actual costs…in 2020.
WASHINGTON (Reuters) – Climate change legislation pending in Congress would cost U.S. households only about $175 annually in higher energy and consumer prices, far less than the $3,100 “burden” opponents have claimed would result, according to a Congressional Budget Office estimate.
“The net annual economy wide cost of the cap and trade program in 2020 would be $22 billion, or about $175 per household,” the CBO, which gives Congress nonpartisan advice about the impact of legislation under consideration, said in an analysis delivered to Congress late on Friday.
And that’s just the average price. These costs would be distributed differently based on incomes…
Low-income households would see an average net benefit of $40, mostly through rebates and other aid, while high-income families could see added net costs of $245 per year in 2020.
Think high-income families can afford an additional $245 a year so we can move much closer to energy independence?
This entry was posted on Wednesday, June 24th, 2009 and is filed under Energy, Environment, Legislation, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.