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:

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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.

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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