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First Doug Elmendorf undercut the Obama administration on health care. Now his Congressional Budget Office is going off message on cap and trade:

The CBO director added that although the risks of climate-related impacts on the economy were very difficult to quantify, "many economists believe that the right response to that kind of uncertainty is to take out some insurance, if you will, against some of the worst outcomes."

The CBO estimates that the House-passed climate legislation, a template for the Senate version, would reduce gross domestic product by up to 0.75% by 2020 and 3.5% by 2050.

"The net effect of that we think would likely be some decline in employment during the transition because labor markets don't move that fluidly," Mr. Elmendorf said, testifying before the Senate Energy and Natural Resources Committee...

The country's politics might not move that fluidly either.

View all comments (2) | Leave a comment

DCTJ| 10.16.09 @ 8:10AM

Elmendorf and the CBO know this legislation is bad for America, they just don't want to outright say it for fear of retribution from the administration. Millions of Americans would lose their jobs and how long would they (we) be out of work? No one knows, but it's not something I want to find out. Visit http://tiny.cc/pxIgi to voice your opposition to cap and trade.

bert| 4.14.10 @ 10:46PM

Jacob & Co. watches
womens polarized sunglasses

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More Blog Posts by W. James Antle, III

http://spectator.org/blog/2009/10/14/cbo-cap-and-trade-will-cost-jo

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