|"Higher energy prices, higher prices for consumer goods, and another hit to the GDP. I just can't believe how smart I am! You're welcome America."|
The disastrous presidency continues. But when the GDP takes another "unexpected" hit, when median household incomes drop further, and when jobs become scarcer, cold winters, greed, and Bush will be blamed. It's the Obama way and basically his only strategy.
From the U.S. Chamber of Commerce:
Next week, it’s expected that President Obama will personally announce EPA’s latest effort to transform how America generates electricity. Remember in 2008, when Candidate Barack Obama said, electricity prices would “skyrocket?” This is what he meant, and it will affect every element of economic activity.
What is EPA about to do?
Next week, EPA will release carbon emission regulations for already-existing power plants. It’s a follow-up to last-year’s proposed regulations on new power plants.
How damaging could these regulations be on our economy?
The U.S. Chamber of Commerce’s Institute for 21st Century Energy released a report, “Assessing the Impact of Proposed New Carbon Regulations in the United States,” prepared with the assistance of the global energy and economics firm IHS. The analysis found that by 2030 potential new carbon regulations could:
The report is based on an existing plan developed by the Natural Resources Defense Council (NRDC) and the Obama administration's previously-announced goal of reducing greenhouse gas emissions to 42% of 2005 levels by 2030. “We considered it as close as we could get to what the administration would be unveiling next week,” Karen Harbert, president and CEO of the Energy Institute said at a press conference.
- Cost as many as 442,000 jobs in 2022 and put 224,000 Americans out of work, on average, annually
- Cost $51 billion in GDP loss annually
- Lower disposable household income by 586 billion
- Increase electricity costs by more than $289 billion.
How will this affect consumers?
Since the United States isn’t a homogenous mass, these potential rules will affect different areas of the country differently depending on what fuel sources they rely on and are able to tap for electricity generation. The report finds that the most damaging effects on jobs and the economy will be felt in much of the south and the Great Lakes region.
As for electricity prices, if you live in the South power region—much of the Southeast from Tennessee to Florida--expect to see the highest increases: $6.6 billion on average annually and $111.4 cumulatively from 2014-2030.
Map: Average Annual GDP and Job Losses from Potential EPA Carbon Regulations
Map: Average Annual Increase of Electricity Costs from Potential EPA Carbon Regulations
Considering Obama's sterling record of squeezing the middle class with policies that have caused sharp drop is household incomes, this kind of regulatory assault against Americans is par for the course.
When Obama said he was going to fundamentally change America and his wife chimed in that "Barack will never allow you to go back to your lives as usual," people generally didn't think it was going to be an assault on the South and the middle class. Guess again.