Climate change to cost Americans less than advertised

25 Jun 2009 | Author: Chris Bianchi, newsbrief editor | Print version | Send to a friend

New figures from the American Congressional Budget Office (CBO) indicate the poorest Americans will profit in 2020 from the climate bill

The new legislation, supported by Democrats, is aiming to lower greenhouse gas emissions through the new cap-and-trade system, which Republicans say will cost American industry and the average consumer too much money. The CBO's analysis, however, said the poorest 20% of Americans would actually make a $40 annual profit in 2020 from the legislation, while the wealthiest Americans would be losing an average of $245 a year. The added costs would come from pricier alternative fuels and the ripple effect from investing in new technologies.

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