A Wall Street Journal editorial says the Congressional Budget Office analysis of the Waxman-Markey energy bill is "useless," particularly because of its focus on day-to-day costs of the proposed cap and trade program rather than measuring the impact on the economy at large. "The hit to GDP is the real threat in this bill," the WSJ writes. "These higher prices will show up not just in electricity bills or at the gas station but in every manufactured good, from food to cars. Consumers will cut back on spending, which in turn will cut back on production, which results in fewer jobs created or higher unemployment. Some companies will instead move their operations overseas, with the same result."

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