Krugman Wrong on Cap and Trade Costs

Nicolas Loris /

Paul Krugman blasted opponents of cap and trade and The Heritage Foundation in his New York Times column today, saying:

So where do the apocalyptic warnings about the cost of climate-change policy come from? Are the opponents of cap-and-trade relying on different studies that reach fundamentally different conclusions? No, not really. It’s true that last spring the Heritage Foundation put out a report claiming that Waxman-Markey would lead to huge job losses, but the study seems to have been so obviously absurd that I’ve hardly seen anyone cite it.

Krugman goes as far as saying a Treasury Department study does not exist even though the Competitive Enterprise Institute’s Chris Horner uncovered it using the Freedom of Information Act. (more…)