The Daily Caller today is reporting that the policies that are part of the Environmental Protection Agency (EPA) ‘s plan to fight global warming will cost the economy $2.23 trillion. The debate over global warming continues, but so does the runaway cost of fighting it–courtesy of the EPA.
The article reports:
“Higher energy prices as a result of the regulations will squeeze both production and consumption. Since energy is a critical input for most goods and services, Americans will be hit repeatedly with higher prices as businesses pass higher costs onto consumers,” writes Nick Loris, a Heritage Foundation economist and co-author of the report.
“However, if a company had to absorb the costs, high energy costs would shrink profit margins and prevent businesses from investing and expanding,” Loris adds. “The cutbacks result in less output, fewer new jobs, and less income.”
Let’s wait until we are sure the problem actually exists before we throw tons of money at it.