Obama’s New EPA Rule Could Cost $51 Billion And 224,000 Jobs Per Year (IJReview)
A new study released by the U.S. Chamber Of Commerce has some dire warnings for the Administration’s recent proposals concerning lowering greenhouse gas emissions.
The proposals, which require states to make major cuts in pollution from coal generators, will, by 2030, cost upwards of $51 billion and an average of 224,000 lost jobs per year.
And it’s not just those people working in the energy industry who will be affected:
The impacts of higher energy costs, fewer jobs, and slower economic growth are seen in lower real disposable income per household. … The loss of annual real disposable income over the 2012-30 period will average over $200, with a peak loss of $367 in 2025. This translates into a shortfall in total disposable income for all U.S. households of $586 billion (in real 2012 dollars) over the next 17 year period 2014-30.
The study also found that the standards set forth under the plan are not likely to lower carbon emissions much, while simultaneously producing unintended consequences. The regulations would only reduce emissions by 1.8%, at a time when global emissions are expected to raise by about a third.
The President’s initiative may help him sleep at night, but it won’t end up making a huge difference for the environment. And, more importantly, it won’t do much good for the average American.
See article here.
- On May 28, 2014