Do you agree that our economic recovery may stall if Congress doesn't pass a climate bill this year?
"Senior Obama administration officials say the nation’s economic recovery could stall if Congress doesn’t pass a climate bill this year. The officials warn that investors are so uncertain about the future cost of emitting greenhouse gases that they are sitting on capital rather than pouring it into “clean” technology, new power plants or energy-intensive manufacturing....The White House says spurring “clean,” or low-greenhouse-gas-emitting energy, can help lay the foundation for the 21st-century U.S. economy." “Right now there’s a lot of money on the sidelines,” said Energy Secretary Steven Chu. “Capital on hold means investments not being made, investments not being made means jobs not being created,” he said at an Export-Import Bank conference last week. Companies that could capitalize on a carbon-constrained economy, such as General Electric Co., Alstom SA, Areva, Babcock & Wilcox, a unit of McDermott International, Siemens AG, Chesapeake Energy Corp. and First Solar Inc., say policy clarity will focus investment. So do emitting businesses that will need to adapt, such as American Electric Power Co. and BP PLC." "Meanwhile [if Congress doesn't pass a climate bill], the Environmental Protection Agency is moving ahead with regulations to cut greenhouse gases under existing law, regulation that industry fears is too blunt and may damage the economy." http://blogs.wsj.com/economics/2010/03/16/white-house-officials-link-economic-recovery-to-co2-bill/ What do you think - will failure to pass a climate bill this year stall our economic recovery?
Asked By: Dana1981 - 3/17/2010
Best Answer - Chosen by Asker
I do know that many companies have been desperate to know where they stand for over a year now, this is the second big call for legislation i have seen... More
Answered By: littlerobbergirl - 3/17/2010
Additional Answers (5)
Answered By: Tommy - 3/17/2010
That is a rather dumb argument. If the climate bill fails to pass in the next few months they will not be able to pass it until past 2012 so the money will be invested anyways. The passage of Cap and Trade will increase unemployment and slow economic recovery. Its passage will make the rest of the US economy like... More
Answered By: I expel CO2 everytime I breathe - 3/17/2010
I disagree. Higher taxes on anything (including CO2 admissions) decrease planned aggregate expenditure. When planned aggregate expenditure decreases then consumers consume less and businesses make less profit. In my opinion we should wait until there are less expensive ways to remove CO2 from the atmosphere before we... More
Answered By: Taylor - 3/17/2010
Oh yeah! We really need a BS tax to stimulate the economy. Nice one, genius. BTW, how much wealth do you have to distribute to change the global mean climate??? Open book question, please provide your answer in US dollars per degree C.
Answered By: High Pitch Eric - 3/17/2010
I think the economy could be weak if they don't pass health care. My answer is no. From 1980 through 2007, the personal saving rate went down. That's all that was needed for economic growth. I'm worried this time around people need lower premiums to get a good economic recovery.
Answered By: Brandon S - 3/17/2010
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