Obama's proposed CO2 'Cap & Trade' U.S. program is estimated by his administration to be a total cost of $650 billion for consumers ("taxpayers") over the first 8 years. Based on previous Federal government incompetence at estimating total costs of new endeavors (see below list), one should multiply any Obama or Congressional estimate by at least 5x to be safe. So, what does that mean? The cost of Obama's 'Cap & Trade' consumer tax over next 8 years will probably exceed $3.25 trillion, or some $28,000+ per U.S. household. Here are some previous horrendously wrong cost estimates that are eye-opening, to say the least:
2009 (January) CBO estimated that the bailout TARP plan would cost taxpayers $189 billion; instead, several weeks later the estimated cost was raised to $356 billion, and will eventually be much more by end of 2009
1965 CBO estimated that Medicare Pt. A cost would be $9 billion by 1990; instead the cost was $66 billion in 1990
1965 CBO estimated that all Medicare cost would be $12 billion by 1990; instead the cost was $107 billion in 1990
1987 CBO estimated that subsidy for Medicade special hospitals would be $100 million by 1992; instead the cost was $11 billion in 1992
1988 CBO estimated that Medicade homecare cost would be $4 billion by 1983; instead the cost was $10 billion in 1983
2003 White House estimate of Iraq War cost would be $60 billion; instead the cost so far has exceeded $600 billion
As the above information reveals (and reminds us), the Federal government is absolutely terrible at cost estimates, especially for new initiatives; and, the politicians always 'way' low ball the original cost estimate.
To add to the misery of a huge Cap & Trade consumer tax looming for U.S. citizens, it should be remembered that this gigantic consumer-borne cost is expected to lower global temperatures, at most, by a mere 0.1 degree C (1/10th of a single degree) by the end of the century. That's it, 0.1 degree at a cost of $28,000+ from each household. Now do you understand? This is radical environmentalism, enhanced with the leftist Obanomics, and doing political business the same old way - sticking it to the consumer.