Congressional Budget Office Director Douglas Elmendorf told the Senate Energy and Natural Resources Committee on Wednesday that the bill would reduce U.S. gross domestic product by as much as .75 percent by 2020 and between 1 and 3.5 percent by 2050. Those are significant economic reductions, which would represent big job losses.
Elmendorf hinted that reducing global warming could have positive economic effects. But of course, the question is and always has been whether the costs of this bill outweigh the benefits. That appears to be the case. The bill would put a noticeable drain on the economy while producing no noticeable benefits.
Government regulation does not; can not; create green jobs. It can redirect scarce resources from one part of the economy to another. It can stifle innovation and economic growth. Occassionally, it can even provide public benefits outweighing its economic costs. But it always has costs.