"This rule is all pain, no gain," Vitter said. "American families and businesses will have to shoulder all the costs and burden from this rule without contributing to any significant reduction in global carbon emissions. It's cap and trade all over again - but this time without giving the American public a voice to vote on it in Congress. This rule is just a payday for President Obama's friends and political allies."
This rule is expected to have a less than 2% impact on carbon emissions reductions because it will not impact the world's largest carbon emitters like China, India, and Russia. However, the rule will impose less reliable electricity with much higher prices on all Americans. Last week, the U.S. Chamber of Commerce released a report showing how a rule such as the one released today would decrease a family's disposable income by $3,400 per year and increase their electricity bills by $200. The report also estimates a loss of 224,000 jobs per year between 2014 and 2030.
This document was issued by U.S. Senate Committee on Environment and Public Works and was initially posted at www.epw.senate.gov. It was distributed, unedited and unaltered, by noodls on 2014-06-02 16:24:51. The original document issuer is solely responsible for the accuracy of the information contained therein.