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WashACE Blog
Wednesday, June 04, 2008
Enough Talk About Climate Change to Fill Trial Balloon
Posted by Richard Davis on 6/4/2008 2:41:00 PM
Yesterday, the U.S. Senate took up the Lieberman-Warner Climate Security Act of 2007. The "Director's Blog" at the Congressional Budget Office reports on the cost. Here's the April 10 estimate on the bill. CBO estimates that enacting S. 2191 as it was ordered reported would increase revenues by about $1.2 trillion over the 2009-2018 period. Over that period, we estimate that direct spending from distributing those proceeds would also total about $1.2 trillion, but more than the revenues. ... In addition, assuming appropriation of the necessary amounts, CBO estimates that implementing S. 2191 would increase discretionary spending by about $4 billion under the original legislation and about $80 billion under the amended version over the 2009-2018 period.
Big numbers to fight over. But no one expects anything to happen soon. Not the supporters at Global Warming is Real (with lots of nice Green links). Not the critics at this Wall Street Journal blog,which provides a nicely condensed outline of what to watch. The stakes are high. Our state legislature recently passed a major climate change bill that sets the stage for a cap-and-trade program. In today's Wall Street Journal Robert Reich, who likes cap-and-trade and agrees with most of the world that the Lieberman-Warner bill is going nowhere, outlines how Senators Obama and McCain agree and differ on the issue. The Heritage Foundation calls Lieberman-Warner a solution worse than the problem. The Seattle Times editorializes that legislation is overdue, but they acknowledge the effects High in the senators' consideration should be how to minimize the inevitable increase in costs not just in energy but in goods and services because of higher energy costs ƒ? or at least to spread the burden fairly.
Although details matter mightily, the public generally supports action to address climate change, without bothering much with the details. For businesses in our state, this is a critical competitiveness issue. While the trial balloons may just be filling with hot air now, eventually they may reach liftoff. Here's my take on gas prices and climate change in today's column in The Herald.
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