At today’s hearing on the Kerry-Boxer bill, Sen. Inhofe (R-Okla.) was spouting the usual lies about the high cost of the policy. Kerry responded:

That’s good, but he could have said so much more. Even with those shortcomings of economic models, the costs turn out to be “modest,” in CBO chief Doug Elmendorf’s words.

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For more on why economic models overestimate the cost and underestimate the benefits of green policy see: “Why we overestimate the costs of climate change legislation.”

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