Chris Prandoni
To put the EPA’s carbon targets in perspective, the proposal will have forced more carbon reductions in 2020 than the Waxman-Markey cap-and-trade bill and contains a carbon reduction the equivalent to levying a $10 per ton carbon tax next year. It is worth noting that these are two policies that Congress has steadfastly rejected.
As much as the Left and environmental groups try to ignore the costs of the EPA’s GHG rule, they are real and substantive. The EPA itself predicted that the rule would cost $7 billion in 2020 while claiming much larger but dubious co-benefits. The Chamber of Commerce analyzed a similar, hypothetical rule and estimated that it would:
- Lower U.S. Gross Domestic Product by $51 billion on average every year through 2030
- Lead to 224,000 fewer U.S. jobs on average every year through 2030
- Force U.S. consumers to pay $289 billion more for electricity through 2030
- Lower total disposable income for U.S. households by $586 billion through 2030
Read the full article at Forbes.