Obama’s Proposed Energy Tax Changes Could Cost US Another 150,000 Jobs
It’s evident by now that the community organizer in chief knows little about free market economics or job creation.
Here’s further proof…
President Obama’s latest energy tax proposals will likely cost the US another 150,000 jobs.
According to a recent report Obama’s policies will cost tens of thousands of US jobs.
Louisiana State University Endowed Chair of Banking and nationally-renowned economist Dr. Joseph R. Mason estimates that President Obama’s proposed energy tax changes would trigger grave economic consequences. In the newly released “Regional and National Economic Impact of Repealing the Section 199 Tax Deduction and Dual-capacity Tax Credit for Oil and Gas Producers,” Dr. Mason finds the resulting fallout over the next ten years would include initial losses of over 154,000 jobs by the end of 2011, not only in the energy sector but across the whole economy; more than $341 billion in lost U.S. economic output; and in excess of $68 billion in lost wages nationwide.
The call for new taxes on the domestic oil and gas industry is growing louder and louder on Capitol Hill. However, many of these proposals are job killing tax increases that place US companies at a competitive disadvantage to foreign owned companies like BP, undermine US economic recovery, and worst of all, further punish families, communities, and workers in the Gulf region who have safely and responsibly provided America the energy we need to thrive for decades.
Meanwhile, despite what lefties tell you, the US subsidizes the costly green energy sector far more than fossil fuel companies. Dr. Richard Swier at Red County reported that “green energy” subsidies are triple the amount of fossil fuel subsidies.
Dr. Swier reported on Obama’s job killing policies:
Obama’s actions since taking office have harmed every consumer of energy in America – that is you and me. This current move by President Obama is nothing more than central planning designed to destroy one energy sector to favor another – the redistribution of energy subsidies to favor renewables. This is his administrative fiat in the absence of a cap-and-trade bill. It will result in energy apartheid.
Of course, the fact that Obama continues to kill thousands of American jobs surprises no one really. It’s all part of that hope and change we were promised.