Crushing Impact Of Global Warming Treaty
June 15, 1998
The economic consulting firm WEFA Inc. is bleak in its estimate of the potential impact of the Kyoto global warming treaty on the U.S. WEFA estimates that:
- Every American would have to cut his or her personal energy use by one-half for the U.S. to meet the treaty's terms.
- The price of home heating oil would climb some 70 percent, and gasoline prices would increase by some 65 cents per gallon.
- A normal projected 5.4 percent jobless rate in the U.S. by 2010 would increase to just under 7 percent due to the Kyoto restrictions -- and 2.7 million jobs would be lost.
- The average household of four would see its real income drop by $2,700 in 2010 -- as costs for food climbed 11 percent, medicine prices rose 14 percent and housing climbed 7 percent.
Moreover, gross domestic product would be about 3.2 percent lower in 2010 than it would be without the Kyoto accord.
Source: Editorial, "Bring On Global Warming," Investor's Business Daily, June 15, 1998.
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