Skip to main content

The EPA has just released its analysis (38 pg pdf) of Economic Impacts of S. 1733: The Clean Energy Jobs and American Power Act of 2009.  

To sum up a lengthy report: costs are nominal and similar to those of the Waxman-Markey bill.  The report only briefly touches on the higher costs that the United States will face if a climate bill is not passed.  And it omits the benefits.  However, President Obama touched upon those benefits earlier today -- the immense benefits of  innovation, American can-do spirit, and global economic competitiveness.

The EPA concludes that Kerry-Boxer's overall impact will be similar to that of Waxman-Markey on four key points:

Four key messages from the EPA analysis of H.R. 2454 would remain unchanged:
(1) the cap-and-trade policies outlined in these bills would transform the way the United States produces and uses energy;
(2) the average loss in consumption per household will be relatively low, on the order of hundreds of dollars per year in the main policy case;
(3) the impacts of climate policy are likely to vary comparatively little across geographic regions;
and (4) what we assume about the actions of other countries has much greater implications for the overall impact of the policy than the modeled differences between the two bills.

The EPA concludes that the Kerry-Boxer bill is likely to have slightly higher costs than Waxman-Markey, although it doesn't attempt to quantify "slightly."  It also has some interesting comments on whether allowances should be given away or auctioned off, which will be the subject of a separate arcane and technical diary.

Further,

While this analysis doesn’t quantify the impacts of higher temperatures and other effects of increasing GHG concentrations, the U.S. Global Change Research Program (in its June 2009 report, "Global Climate Change Impacts in the United States") described the impacts that we are already seeing and that are likely to dramatically increase this  century if we allow global warming to continue unchecked. In the report, it documents how communities throughout America would experience increased costs, including from more sustained droughts, increased heat stress on livestock, more frequent and intense spring floods, and more frequent and intense forest wildfires.

The EPA report does not discuss the benefits of passing comprehensive climate legislation.  Those benefits were outlined by President Obama earlier today, when he told MIT students and faculty:

Countries on every corner of this Earth now recognize that energy supplies are growing scarcer, energy demands are growing larger, and rising energy use imperils the planet we will leave to future generations. And that's why the world is now engaged in a peaceful competition to determine the technologies that will power the 21st century. From China to India, from Japan to Germany, nations everywhere are racing to develop new ways to producing and use energy. The nation that wins this competition will be the nation that leads the global economy. I am convinced of that. And I want America to be that nation. It's that simple.

It is that simple.  Pass Kerry-Boxer now, and nominal costs of a few hundred dollars a year will be offset by the benefits of renewing the promise of America.  Or dither about those nominal costs, and face rising costs for food, water, fire protection, flood insurance, health, and an uncertain future.

Update: Senator Boxer also released a Chairperson's Mark of the bill at around the same time.  It's too complicated for me to grasp at this hour, so instead I'll just link to a piece by David Roberts at Grist (who, btw, is an excellent and thoughtful writer) for details.

Originally posted to RLMiller on Fri Oct 23, 2009 at 08:50 PM PDT.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Meteor Blades, chrississippi, Terri, dwellscho, lowkell, ferg, ogre, teacherken, texaseditor, askew, Trendar, Liberal Thinking, Geenius at Wrok, abarefootboy, Unstable Isotope, mattman, IndySteve, newjeffct, lobbygow, Mnemosyne, figdish, caliberal, bumblebums, Creosote, deaniac83, sardonyx, bronte17, missLotus, cyberKosFan, understandinglife, pattisigh, barath, nargel, karenc, exconservative, Oke, hhex65, danthrax, Miss Jones, Urizen, pat bunny, TXsharon, Ophelia, NYFM, beachmom, MH in PA, econlibVA, Noisy Democrat, ybruti, Luftmensch, tomjones, JayDean, Marianne Benz, cartwrightdale, Limelite, BoogieMama, davidkc, Julie Gulden, joanneleon, sandblaster, marina, radarlady, mjd in florida, electricgrendel, YucatanMan, oregonj, cfk, Overseas, blue jersey mom, noemie maxwell, collapse, northanger, Alan Arizona, Land of Enchantment, begone, BachFan, Shep014, Patriot Daily News Clearinghouse, myboo, sherlyle, trentinca, Lefty Coaster, tecampbell, birdbrain64, global citizen, A Siegel, JVolvo, plf515, bleeding heart, sceptical observer, YvonneCa, doinaheckuvanutjob, bonesy, TayTay, va dare, WarrenS, bstotts, Aaa T Tudeattack, BeninSC, possum, Dartagnan, FishOutofWater, la urracca, noofsh, Jimdotz, RosyFinch, jayden, vbdietz, jnhobbs, millwood, Moderation, Jack the R, gchaucer2, pioneer111, Zydekos, sand805, condorcet, ShadowSD, dsnodgrass, ScottyUrb, Cordwainer, Aureas2, skohayes, ajr111240, lineatus, VL Baker, jamess, LearningCurve, Lujane, Populista, TheGreenMiles, mofembot, Drewid, huntergeo, BYw, Karl Rover, allie123, dzog, shortgirl, SolarMom, maggiejean, 1BQ, in2mixin, pileta, Neon Vincent, post rational, imchange, velvet blasphemy, mrchumchum, DefendOurConstitution, followyourbliss, elziax, asym, soms, lastman, sricki, allep10, IreGyre, RadioGirl, mahakali overdrive, Livvy5, citisven, Larsstephens, BigVegan, swaminathan, rb137, marabout40, LaughingPlanet, NJpeach, amk for obama, jethrock, TheWesternSun, Anima, RJP9999, samanthab, juturna, JasperJohns, tellinya, DrFitz, bradams, sharonsz, Betty Pinson, Unenergy, Casual Wednesday, roystah, Loose Fur, CA Berkeley WV, slice, mieprowan, OldGrammy, BlueJessamine, ontheleftcoast, Eclectablog, FarWestGirl, Situational Lefty, mawazo, majii, Muskegon Critic, theone718, Keith the Democrat, FistJab, felldestroyed, lizard people, Dixie Liberal, MRA NY, Cpt Robespierre, pensivelady, zapus, MinistryOfTruth, UlyssesUnbound, Frameshift, wide eyed lib, Deva Royal, rmrice, thejoshuablog, Regina in a Sears Kit House, progressive from Mass, MichaelNY, chparadise, Mathazar, Patric Juillet, LiberalKentuckian, ohioty, Liberalindependent28

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site