Climate Change Legislation Would Slow Economy, Says Congressional Budget Office | WHAT REALLY HAPPENED


Climate Change Legislation Would Slow Economy, Says Congressional Budget Office

The non-partisan Congressional Budget Office (CBO) released a report on Monday saying that the climate change legislation being considered by Congress could reduce the purchasing power of the middle class and shrink or slow the economy.

The report, “The Costs of Reducing Greenhouse-Gas Emissions,” says market-based regulations such as a cap and trade scheme would boost the cost of emission-intensive activities. In turn, household incomes would shrink along with consumer consumption and savings, real wages would fall, the supply of labor would shrink, and economic investmen

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