What these bills would cost
The two major bills are the Health Care Bill and the “Cap & Trade” Bill. I’m working on finding estimates for what the two together would cost the country.
Cap & Trade: about $3 trillion:
The national results of the analysis reveals that cumulative gross domestic product (GDP) losses could range from $2.2 trillion to $3.1 trillion. The analysis also reveals that declining output levels would cost between 1.8 and 2 million jobs.
From The Heritage Foundation:
Overall, Waxman-Markey reduces gross domestic product by an average of $393 billion annually between 2012 and 2035, and cumulatively by $9.4 trillion. In other words, the nation will be $9.4 trillion poorer with Waxman-Markey than without it.
Health Care Reform: Somewhat less than $1 trillion:
The Blue Dogs also received assurances that the overall legislation would cost less than $1 trillion.
I realize that these estimates are wild guesses, and could end up being off by a factor of four or five, either way.
That sort of error margin is one we see only in astronomy. Unfortunately, so is that sort of big number. Even a trillion is bigger than most astronomers ever need to use. Remember Carl Sagan’s “billions and billions”?
Cap & Trade will surely bankrupt the country. But it will surely be worth it to reduce average global temperature by 0.03 degrees Centigrade (That’s the estimate for the Kyoto Protocol; Cap & Trade won’t be any better.)