At a cost of hundreds of billions of dollars annually, it will have virtually no impact on climate change. If all of the bill’s many provisions were entirely fulfilled, economic models show it would reduce the temperature by the end of the century by 0.11 degrees centigrade – reducing warming by less than 4 percent.
Even if every Kyoto-obligated country passed its own, duplicate Waxman-Markey bills – which is implausible and would incur significantly higher costs – the global reduction would amount to just 0.22 degrees centigrade by the end of this century. The reduction in global temperature would not be measurable in a hundred years, yet the cost would be significant and payable now.
Is it really treason against the planet to express some skepticism about whether this is the right way forward? Is it treason to question throwing huge sums of money at a policy that will do virtually no good in a hundred years? Is it unreasonable to point out that the inevitable creation of trade barriers that will ensue from Waxman-Markey could eventually cost the world 10 times more than the damage climate change could ever have wrought?
Today’s focus on ineffective and costly climate policies shows poor judgment. But I would never want to shut down discussion about these issues – whether it is with Gore, Hansen, or Krugman. Everybody involved in this discussion should spend more time building and acknowledging good arguments, and less time telling others what they cannot say. Wanting to shut down the discussion is simply treason against reason...more here...