Quote by Gerard Jackson...
The brilliant Waxman and Markey are demanding that electric utilities use grossly inefficient solar and wind power sources to generate 20 per cent of their power. This is the kind of insanity that raised California energy prices to nearly twice the national average and in doing so contributed mightily to the state's current economic crisis. Let's take a look at some figures. Average growth in GDP since 1970 has been about 3 per cent p. a. This means that GDP doubles roughly every 24 years. (I'm applying the banker's "doubling time" trick of dividing 72 by the annual rate of increase).Read more at seekingalpha
At a cost of $9 trillion Obama's energy bill averages $0.237 trillion per year which would amount to $5.684 trillion in 2036. As GDP will have doubled to $28 trillion this means that Americans will be facing a totally unnecessary increase in energy prices of $5.684 trillion, which would be 20 per cent of GDP.
Let that figure sink in.