Paul Krugman blasted opponents of cap and trade and The Heritage Foundation in his New York Times column today, saying: So where do the apocalyptic warnings about the cost of climate-change policy come from? Are the opponents of cap-and-trade relying on different studies that reach fundamentally different conclusions? No, not really. It’s true that last spring the Heritage Foundation put out a report claiming that Waxman-Markey would lead to huge job losses, but the study seems to have been so obviously absurd that I’ve hardly seen anyone cite it. Krugman …
The Heritage Foundation recently hosted an event on the economic impacts of cap and trade. Multiple organizations have modeled the effects of cap and trade and found varied results but none of them provided the news you’d want to hear, especially in a recession. Despite repeated attempts to sell cap and trade as a jobs bill, not one scenario of even one presenter (including the three government agencies) projected a net increase in income or employment from cap and trade. The entire debate was over the magnitude of income, consumption …
