Accuracy in Media

A new report issued by the International Council for Capital Formation (ICCF) claims that instituting the Kyoto protocols will cost member countries of the European Union dearly. The report focused on four countries the U.K, Germany, Spain and Germany and the economic impact of reducing greenhouse gases to the extent the Kyoto treaty calls for.

In the U.K. GDP will be trimmed between 1.1 to 2.5 percent costing anywhere from 22 billion to 71 billion euros and annual job losses of 336,000 to 673,000 once the protocols are fully implemented. In Germany the impact will be less from .8 percent to 1.7 percent since they are closer to the target. Job losses will still be heavy at 318,000 plus and in an economy with 11.6 percent unemployment and on the verge of raising their VAT tax from 16 to 19 percent ( Good move, lousy economy, raise taxes)it will only add to the economic stagnation that has crippled the country. Spain and Italy are farther from their targets and the economic impact will be greater with Italy’s GDP expected to shrink by 2% and Spain’s from 3.1 to 5.6 percent. Both countries also have high unemployment rates and can ill afford further job losses.

Environmentalists have disputed these figures but even if Europe is able to mitigate the economic impact there is still the challenge of what to do about Asia. The IFFC estimates that due to rapid growth in China and elsewhere the overall effect of the protocols in Europe will be to reduce worldwide emissions by 0.1 percent. Wow! Now that is really worth the economic sacrifice.

If these predictions come true, Europeans will have no one to blame but themselves for trusting their politicians to act in their best interest. Maybe the next campaign can run on a theme of “We may not have any jobs, but we do have less global warming”  A winning formula for sure.

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