The Obama Administration released a report on Tuesday that argued delaying action on curbing climate change will only cost the country more money.

The 32-page report, "The Cost of Delaying Action to Stem Climate Change," issued by the Council of Economic Advisers argued the signs of climate change are evident. The average temperate in the U.S. and globally during the past decade is 1.5 degree Fahrenheit warmer, and global sea level is rising 1.25 inches per decade. It is anticipated both increases will accelerate. And it argued the U.S. is experiencing more frequent bouts of heat waves and flooding throughout the lower 48 states, with science showing these are largely the of consequences of greenhouse gas emissions.

The report argues while delaying action can postpone the immediate costs of remedy, leaving carbon dioxide to accumulate could cost the United States 0.9 percent of the Gross Domestic Product ($150 billion) or $150 million. The report adds "moreover, these costs are not one-time, but are rather incurred year after year because of the permanent damage caused by increased climate change resulting from delay."

The study argues that if remedies aren't sought at the current increases in temperature, and people wait until the next degree increase from 3 degrees to 4 degrees, the costs go up substantially to 1.2 percent of the global output, or $1.8 billon.

Delaying costs could lead to economic damage caused by higher temperatures, more acidic oceans, and ecosystem impacts such as the extinction of a large number of species. Uncertainty about the most severe consequences of climate change could lead to implementing emergency policy changes, which would be expensive.

The report argues that delay in confronting climate change will more likely lead to large-scale changes -- the melting of large glacial ice sheets, ecosystem change, and the possible extinction of a large number of species -- the economic impacts could also be extensive. The study argued "impacts include decreased agricultural production, coastal flooding, erosion and submergence, heat related illnesses, reduction in drinkable water, displacement of people and risk of violent conflict."

The report said those impacts were not well understand but are becoming better understood and refers to a study by Graff Zivin and Neidell which found, "when the temperature is greater than 100 degrees Fahrenheit in the US, labor supply in outdoor industries declines up to one hour per day relative to temperatures in the 76-80 degree Fahrenheit range.

Not mentioned in the report but a useful example of an extreme weather event would be Hurricane Sandy -- a weather event which lasted barely 24 hours in the New York and New Jersey areas but which brought storm surges as high as 12 feet, killed 72 people, and damaged or destroyed 650,000 homes. It was the second most expensive environmental disaster in U.S. history, costing $50 billion, trailing only Hurricane Katrina at $108 billion.

The report includes findings from the National Research Council's 2013 report, "Abrupt Impacts of Climate Change: Anticipating Surprises," of what can be expected this century and next: late-summer Arctic sea ice disappearing meaning more sunlight will be absorbed into the dark ocean, causing further warming; sea level rise from other ice sheets melting, such as Greenland, which may lead to storm surges and flooding; increase of the release of carbon stores in soils and permafrost -- soil carbon has already detected but with more increases in temperature it could be amplified; rapid state change in ecosystems, species range shifts and species boundary changes, and increased extinctions of marine and terrestrial species.

The report is released as the Environment Protection Agency is about to begin public hearings in states across the country to find out what the American people think about proposed rules to cut pollution from power plants according to the Associated Press. The plan is to reduce emissions by 30 percent by 2030. The hearings are being held in Atlanta, Denver, Pittsburgh and Washington, and written comments will be accepted until October 16.