On June 26th, the US House of Representatives passed the American Clean Energy and Security Act of 2009 (ACES Act). It provides for a 85% reduction in green house gas emissions by 2050. The costs entailed would lead to a greater decline in gross domestic product (GDP) than otherwise anticipated, up to 3.4% by that date. Accounting for inflation and disregarding the effects of the ACES Act, the
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