While campaigning in 2008, President Barack Obama promised that Americans’ energy bills would “skyrocket” under his term. Now we know what he meant.
According to a new report by The Heritage Foundation, the Environmental Protection Agency’s (EPA) forthcoming climate change regulations for new and existing electricity generating units puts limits for carbon dioxide emissions that will “essentially prohibit the construction of new coal-fired power plants and force existing ones into early retirement.” The regulations call for the phasing out of coal between the years 2015 and 2038.
But the regulations will go well beyond the coal industry. Because 40 percent of U.S. electricity is produced by coal, families, manufacturers and businesses will be out more than $2 trillion over the next 25 years.
Using a derivative of the Federal government’s National Energy Model System, Heritage found that by the end of 2023, nearly 600,000 jobs will be lost, a family of four’s income will drop by $1,200 per year, and aggregate gross domestic product decreases by $2.23 trillion over the entire period of the analysis.
The EPA is one of many of the government’s alphabet soup agencies that is killing the U.S. economy and destroying the middle class. Some in Congress are working to pass the Electricity Security and Affordability Act (H.R. 3826). It would require that greenhouse-gas regulations for electricity-generating units meet certain standards that prove they are economically feasible to achieve and have a demonstrated positive environmental benefit.
But Congress should first rein in and then abolish the EPA and other unConstitutional government agencies.