McCarthy Rolls Out New Carbon Emission Rules

mccarthyPresident Obama decided to let EPA Administrator Gina McCarthy roll out new EPA rules on carbon emissions today, instead of announcing them himself.  The rules are expected to cost the U.S. economy over $50 billion a year, and put 244,000 people out of a job from now until 2030.  Those numbers come from the U.S. Chamber of Commerce, which studied the likely effects of the president’s pet project.  The Chamber’s report says 40 percent of the existing coal capacity of the U.S. could be shut down by 2030, driving the costs for energy sharply higher.  In fact, the Chamber says Americans will be paying $17 billion dollars more per year for electricity as result of the rule.  Job losses are expected to peak at 442,000 in 2022.  The rule includes a Cap and Trade system that will see many coal fired power plants sustaining renewable energy sources, by forcing them to buy power from those sources.  Although the president has said the overwhelming costs would be far outweighed by savings in health costs, scientists and energy experts agree the new rules will do very little to reduce pollution or create any significant changes in climate.  You can view the new rule below.

New Carbon Emissions Rule