Friday, March 21, 2008

Global Warming Bubble

Junk Science: The Global Warming Bubble
Thursday, March 20, 2008

By Steven Milloy
You didn’t have to be a rocket scientist in the 1990s to figure out that speculative investment in dot-coms with no revenues would be disastrous.

The same goes for lenders giving mortgages to borrowers with no jobs, no incomes and no assets.

So after surviving the tech bubble and while trying to extricate the economy from the housing bubble, why are we bent on heading into the global warming bubble?

Just this week the Environmental Protection Agency issued its economic analysis of the Lieberman-Warner global warming bill that is being considered by the Senate. The EPA projects that if the bill is enacted the size of our economy as measured by its gross domestic product would shrink by as much as $2.9 trillion by the year 2050.

That’s a 6.9 percent smaller economy than we otherwise might have if no action were taken to reduce greenhouse gas emissions. For an idea of what that might mean, consider our current economic crisis.

During the fourth quarter of 2007, GDP actually increased by 0.6 percent, yet trepidation still spread among businesses, consumers and the financial markets. Though the EPA says that Lieberman-Warner would send our economy in the opposite direction by more than a factor of 10, few in Congress seem concerned.

For more perspective, consider that during 1929 and 1930, the first two years of the Great Depression, GDP declined by 8.6 percent and 6.4 percent, respectively. And what would we get for such a massive self-inflicted wound? It ought to be something that is climatically spectacular, right? You be the judge.

The EPA says that by the year 2095 — 45 years after GDP has been slashed by 6.9 percent — atmospheric carbon dioxide levels would be 25 parts per million lower than if no greenhouse gas regulation were implemented.

Keeping in mind that the current atmospheric CO2 level is 380 ppm and the projected 2095 CO2 level is about 500 ppm, according to the EPA, what are the potential global temperature implications for such a slight change in atmospheric CO2 concentration?

Not much, as average global temperature would only be reduced by a maximum of about 0.10 to 0.20 degrees Celsius, according to existing research.

Sacrificing many trillions of dollars of GDP for a trivial, 45-year-delayed and merely hypothetical reduction in average global temperature must be considered as exponentially more asinine than the dot-bombs of the late-1990s and the NINJA subprime loans that we now look upon scornfully.

So who in their right mind would push for this,2933,339831,00.html

No comments: