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I don't know what color the sky is in a world where that won't happen, but I'm sure you can ask the unicorns.

I literally laughed out loud when I came across this quote a few minutes ago. I'm glad that I wasn't drinking anything at the time or I'm sure that I would be cleaning it off of my monitor instead of writing this right now.

The nonpartisan Congressional Budget Office, which in my opinion has actually done a reasonable job at estimating the future cost of a number of programs lately, is significantly underestimating the cost of the new climate change bill that Congress is debating right now.

The CBO recently published a study in which it concludes that if passed the new climate-change legislation would only cost the average American household $175 extra per year by the year 2020. I find that extremely hard to believe. The CBO concluded that the changes that the bill mandates could end up adding 0.7% per year to the CPI by 2020. Buy those TIPS now people. The CBO even admits in its report that "some regions and industries would experience substantially higher rates of unemployment and job turnover as the program became increasingly stringent."

The cost estimate in the report is actually much higher than $175 per household, a gross cost of $770 - $1,380 more per household per year but the CBO assumes that the government will offset this cost with the revenue that it brings in from the permits that it sells. What are the odds that the grubby politicians in Washington, Democrat or Republican, don't start drooling over that extra revenue from the pollution permits and start spending it like they have been doing with the Social Security and Medicare funds for years?

Here's what Michael Steel, a spokesperson for House Minority Leader John A. Boehner had to say about the bill:

CBO analysts "got an unrealistically low number for cost per family because they didn't factor in the millions of American jobs that will move overseas if the United States imposes this tax and our foreign competitors, like China and India, do not. I don't know what color the sky is in a world where that won't happen, but I'm sure you can ask the unicorns."


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