Climate regulations could cost the average American more than $10,000 by 2050, according a new study by the business-friendly American Action Forum (AAF).
If future presidents follow suit, the Obama administration’s climate agenda could cost the economy more than $1 trillion over the next three decades, the study found. But that figure pales in comparison to the $4.5 trillion cost of implementing the more aggressive plan by the Democratic Party to reduce greenhouse gases by 80 percent over that period.
Under the Democratic plan, each American would lose about $10,300 per person.
“A regulatory approach to deep decarbonization is expensive,” wrote Sam Batkins, the AAF’s director of regulatory policy and author of the study.
“Regulatory costs must be borne by some entity, and usually it’s the consumer in the form of higher prices.
“Consumers could expect to pay more for energy, household goods, and a host of other products and services,” he added. “The cost of using a car would rise by over $300 per year by 2050.”