American Taxpayers Expected To Pay Billions FOR OBAMA’S CLIMATE CHANGE AGENDA
Climate change is America’s biggest threat, according to President Obama. Naturally, taxpayers will bear the brunt of his plans to deal with it.
First, examining only Environmental Protection Agency (EPA) regulation, the nation has already had to bear an incredible burden to meet just a fraction of the president’s climate ambitions. From efficiency standards for cars and trucks to the “Clean Power Plan,” expect the nation to pay roughly $230 billion in total costs for only the final rules so far. These rulemakings aim to eliminate roughly 860 million tons of GHG annually. That might sound like an incredible figure, but the U.S. emitted 6.1 billion tons in 2005. As the goals add up, the math becomes more daunting for consumers who must ultimately foot the bill.
By 2025, President Obama wants to reduce GHG emissions by 28 percentbelow 2005 levels. Given the current track of U.S. emissions, including the Clean Power Plan and other final rules, the nation still must find an additional 1.2 billion tons of GHG to cut by 2025. All of this says nothing of any lofty new goals the Paris summit might concoct for the U.S. For comparison, the Clean Power Plan is slated to cut just 265 million tons of GHG by 2025.
What is the cost of finding another 1.2 billion tons to eliminate during the next decade? The cost of saving or eliminating one ton of carbon dioxide from entering the atmosphere varies slightly. Generally, it’s around $31 to $37 per ton. Assuming the cost of cutting GHG remains high, and constant during the next decade, annual costs of meeting the President’s climate pledge could approach $45 billion annually. That’s on top of the $26 billion annually the nation has already spent complying with past rules.
All while the rich and well-connected travel around the world in their private jets.
Image: (USA Today)