Claim:
“Even under the most optimistic assumptions, every study we examined predicts huge welfare costs in terms of consumption. A lower estimate involves a drop in consumption of 0.8%-1% below the business-as-usual scenario in every year starting in 2008 and going into the future, which represents a huge decrease in social welfare.”
– From The Cost of Climate Regulation for American Households, a report published by the George C. Marshall Institute, March 2, 2009
Truth:
This report claims to be a meta-analysis review of several studies on the economic impact of the Lieberman Warner Climate Security Act from last year’s Congress.
The studies covered in the Marshall Institute report include those from:
- The Massachusetts Institute of Technology
- The Environmental Protection Agency
- The Environmental Investigation Agency
- The American Council for Capital Formation and the National Association of Manufacturers (joint study)
- The Charles River Associates
- The Heritage Foundation’s Center for Data Analysis
- The Clean Air Task Force