Carbon Dioxide Emissions – The EPA to Propose 30% Limitations – A Top Story This Week

This week’s top news story seems to be about the EPA proposing a new rule on carbon dioxide emissions.  The Wall Street Journal, Fox News, The Washington Post are all carrying top news stories on Sunday night, June 1st, on the regulation of carbon dioxide emissions.  According to the WSJ, the EPA will mandate power plants cut carbon dioxide emissions by 30% by 2030 over the emission levels in 2005.

The biggest impact will be on the nation’s 600 coal-fired power plants.  According to Fox News, America gets 40% of its electricity from coal.  They cite a study being released by the U. S. Chamber of Commerce that indicates the new EPA rule will force the closure of coal-fired plants, and will cost the economy 224,000 jobs every year and $50 Billion in annual costs.

From my perspective, energy is required for economic growth.  The impact of this proposed rule will substantially hurt America’s GDP.  It will likely result in brown-outs due to a lack of electricity and electricity shortages.  Prices for energy will skyrocket and consumers and businesses will suffer greatly.  Cutting carbon dioxide emissions without the corresponding technology to keep the coal-fired plants open will be devastating to America.  The claimed benefits to reduce climate change are dubious since clearly thousands of scientists don’t agree that there even exists a true climate change “crisis” caused by man’s impact on the environment.

Coupled with our high debt-to-GDP ratio and the confused state of our health care industry (caused by the Affordable Care Act), I think this rule will push America into a prolonged period of recession.

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