Next week, the Senate will vote on the Lieberman-Warner cap-and-trade climate control bill. The proposed statute is a nightmare that would devastate our economy. The Wall Street Journal calls it "the most extensive government reorganization of the American economy since the 1930s."
The EPA estimates that by 2030 it will reduce GDP by 0.9% to 3.8%, and that is based on assumptions that appear hopelessly optimistic. Even the EPA's assumptions contemplate an additional increase of 44% in the cost of electricity over what would occur without Lieberman-Warner.
The Chamber of Commerce has charted the various regulations, mandates and timelines that Liberman-Warner would dictate; click to enlarge:
I like the 0.9% direct payments to tribes affected by climate change. Check out the new economy flowchart at the link.