A June 5 Congressional Budget Office analysis found under the American Clean Energy and Security (ACES) Act, greenhouse gas emissions in capped sectors would be cut nearly 12% in 2020. And I’ve argued we would actually achieve even deeper U.S. reductions in 2020 thanks in part to soaring production of unconventional natural gas. On Friday, CBO released a new analysis showing just how little it would cost American families to start down this path of averting catastrophic global warming — and another new study found that accelerating the transition to a clean energy economy would generate 1.7 million jobs. Daniel J. Weiss, Director of Climate Strategy at the Center for American Progress Action Fund, discusses the latest CBO analysis in a post for CP.
The opponents of ACES, H.R. 2454, keep raising their estimated cost of the clean energy and global warming pollution reduction programs like some out of control auctioneer. These wild estimates were based on either perversions or distortions of independent government or university studies, or partisan studies with rigged assumptions designed to produce an outlandish estimate.
On June 19, the Congressional Budget Office announced that the average household would spend a miniscule amount to reduce global warming pollution under H.R. 2454. This independent analysis determined “that the net annual economywide cost of the cap-and-trade program in 2020 would be $22 billion—or about $175 per household.” This is 48 cents per day – about one-third the cost of a tall (really small) Starbucks coffee.
The least well off households — those “in the lowest income quintile — would see an average net benefit of about $40 in 2020.” These households had an income under $20,292 in 2007. …