November 01, 2012
It is common for news reports on efforts to limit global warming with carbon taxes to mention the negative impact that such taxes can have on growth and jobs. In the same vein it is worth pointing out that the costs associated with damage caused by global warming related storms, like Sandy, also will in the long-run slow growth and reduce the number of jobs.
For example, this Washington Post article that noted estimates of the damage from Sandy are in the range of $30-$50 billion could have pointed out to readers that this will have an economic impact similar to a gas tax in the range of 25-40 cents a gallon. This tax will mostly be paid in the form of higher insurance premiums in future years.
It is important to point out the economic costs of failing to control global warming since many politicians are trying to deceive the public into believing that global warming has no costs.
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