The Global Warming Bubble

Steve Milloy at Canada Free Press:

Just this week, the Environmental Protection Agency issued its economic analysis of the Lieberman-Warner global warming bill that is now being considered by the Senate. The EPA projects that, if the bill is enacted, the size of our economy as measured by its gross domestic product (GDP) would shrink by as much as $2.9 trillion by the year 2050. That’s a 6.9 percent smaller economy than we might otherwise have if no action was taken to reduce greenhouse gas emissions.

For an idea of what that might mean, consider our current economic crisis. During the fourth quarter of 2007, GDP actually increased by 0.6 percent, yet trepidation still spread among businesses, consumers and the financial markets. Though the EPA says that Lieberman-Warner would send our economy in the opposite direction by more than a factor of 10, few in Congress seem concerned. For more perspective, consider that during 1929 and 1930, the first two years of the Great Depression, GDP declined by 8.6 percent and 6.4 percent, respectively.

And what would we get for such a massive self-inflicted wound?

Basically nothing. Read the full article here.