NERA analysis: EPA regulations will cost USA 1.5 million jobs
No additional comment needed on this article. With the economy still sitting at 8% unemployment, this one speaks for itself.
- The regulations will cause employment losses totaling 1.5 million jobs over just the next four years, with a quarter million of those job losses occurring in the Midwest. Employment losses will continue beyond that timeframe, averaging 544,000 to 887,000 jobs annually.
- Electricity consumers will spend as much as $67 billion more for electricity.
- The average family’s income will drop by $200 to $500 annually, which is equivalent to a family’s monthly grocery bill.
- An unprecedented number of coal-fueled power plants will be forced to shut down. Between 54,000 to 69,000 megawatts of coal-fueled electricity generation will be shut down, mostly because of the EPA regulations. This is roughly equivalent to the combined electricity supplies of Ohio, Virginia and Iowa. This is also more than the total electricity supply of either Pennsylvania or Florida.
- The electric sector faces enormous compliance costs. Electricity generators would be required to spend $15 billion to $16.7 billion annually on compliance costs over the next two decades.