Job losses would also be high under both scenarios — approximately 3.8 million in 2053 under the first, and nearly 21 million by 2053 under the 80 percent reduction scenario.
President Obama came out in favor of a “market-based” solution to climate change in his State of the Union address, but the administration has repeatedly said that it had no plans to propose a carbon tax.
“The administration has not proposed a carbon tax, nor is it planning to do so,” Treasury secretary nominee Jack Lew wrote in a response to Utah Sen. Republican Orrin Hatch.
However, liberal senators quickly moved to introduce climate legislation that would put a price on carbon dioxide emissions in response to President Obama’s call for Congress to act on climate change.
“It can reverse greenhouse gas emissions in a significant way,” said Vermont independent Sen. Bernie Sanders. “It can create millions of jobs as we transform our energy system away from fossil fuel and into energy efficiency and such sustainably energies as wind, solar, geothermal and biomass.”
Brookings Institution fellow Adele Morris writes that a carbon tax of $16 per ton that rises 4 percent per year would reduce the deficit by $815 billion over twenty years.
Republicans have recently sought to ask Obama about whether or not he would support such a tax.
“Given the Administration’s statements that you do not support and would not propose a carbon tax, given your consistent rhetorical support for the new unconventional production of natural gas and oil, and given your budgetary and rhetorical support for clean coal, I write to ask for your thoughts about the proposed legislation, as well as any Administration position on the legislation,” wrote Louisiana Republican Sen. David Vitter in a letter to Obama.
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