The EPA’s economic analysis of the climate bill in the Senate came out today and unfortunately reveals only half the picture. It looks only at the costs that the bill would impose (described as modest) but does not at all address the benefits.
In April, Policy Integrity asked the EPA to include an analysis of the economic upshot of Kerry-Lieberman.
After a similar request to EPA was denied for the Waxman-Markey bill that passed the House last summer, Policy Integrity conducted its own cost-benefit analysis and found the legislation would generate between $750 billion and $1 trillion in benefits between 2012 and 2050. That’s about a 9:1 ratio of benefits to costs.
The Kerry-Lieberman spread might not be so wide, but it will definitely be significant. And whatever it is, it’s worth noting before Senators vote on any climate legislation.
With thousands of barrels of crude gushing into the sea, now would not be such a bad time to look at the pros and the cons of our greenhouse gas-related actions. Instead, this analysis continues a tradition of examining only the cost implications of proposed legislation.