Does this President just not understand how the economy works? Time and again business leaders and employers say that increased regulations kill jobs. When more time and money are spent adhering to code books that are inches thick, less time and money can be spent hiring new people, increasing productivity, and adding to the economy.
But even when the first quarter GDP report for 2014 has just been revised to show that the U.S. economy is actually contracting at an annualized rate of one percent, the Obama Administration will soon propose new carbon regulations from the EPA that will only depress the economy more. The President and his EPA are kicking us while we’re down.
But while stacks of bills—dozens by our last count—have been sent from the House to promote growth and unshackle the economy, they sit and wait in the Senate. The President has taken the initiative not to promote growth but to hurt American workers and increase costs further.
The U.S. Chamber of Commerce estimates that the new carbon regulations will:
- 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
Majority Whip Kevin McCarthy said this about the EPA’s new rules:
“What are the President’s real priorities? Is it to help put Americans back to work or to please the narrow environmental lobby at the expense of our economy and everyday Americans? He is acting now to impose cap-and-trade that Congress rejected in 2010, and he is doing it unilaterally. This is uncalled for, unnecessary, and harmful.”
Never has a government knowingly and cheerfully proposed to inflict so much economic harm on its citizens at precisely the time when we should be revving the engine of economic growth and prosperity.