Pseudo-conservative and presumptive Republican Presidential nominee John McCain’s global warming has taken the air out of the sails of many conservatives in the United States. McCain’s plan is to reduce carbon emissions to 50% from 1990 levels by 2050 and, while this is an easier target than the Lieberman-Warner bill (70%) or the Clinton/Obama plan (80%), the economic impact of ANY plan will be devastating. While McCain’s proposed cap-and-trade system to achieve this lofty goal is shaky at best, it also serves as a new energy tax and more revenue for the federal government - to the tune of $1.21 trillion from 2009 through 2018. In addition, the loss of GDP by 2030 is estimated to be between $1.7 and $4.8 trillion, adjusted for inflation. The current U.S. economic output is $14 trillion, to put this in perspective.

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Tags: john mccain, carbon, united states, global warming, tax

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