Study indicates American Power Act would increase jobs and give people more money.
Republicans opposed to clean energy in the US have repeatedly put forward the idea (and claimed it was absolutely true) that a climate change and clean energy bill would cost the US jobs.
A new report by the non-partisan Peterson Institute for International Economics finds that the American Power Act (pdf) would actually result in an increase in jobs, hundreds of thousands of them per year (on average) from 2011 to 2020.
More Jobs Through the American Power Act
203,000 jobs per year, on average, are to be created by the APA, according to the report.
It found that 72,000 jobs would be lost in fossil fuels industries, but that with 165,000 new jobs in the nuclear industry, 19,000 in renewable energy sectors, 28,000 in the biofuels sector, and 96,000 for clean coal projects, the net increase far outweighs the loss.
Although some of these jobs may be lost with these markets maturing, the total is still expected to be a net increase of 6,300 jobs in 2030.
Will the APA Be an Energy Tax that Hurts Americans? No
Again, although Republicans accuse the Kerry-Lieberman American Power Act of imposing an "energy tax" on Americans, this new report by the Peterson Institute shows that the net financial benefit to American families is greater than the cost.
There may be an average price of energy increase of 3% from 2011-2030 and an average price of fuel increase of 5% in that time, but with greater household and vehicle efficiency, the net financial effect on households would be them walking away with $35 more a year. Maybe not a ton of money, but it is not a loss!
Cutting the Oil Habit
The US is addicted to oil from countries that are unfriendly or even hostile to the US. The American Power Act would cut oil imports 33-40% below current levels by 2030 (compared to 19% under a business as usual scenario). This would cut annual US expenditures on foreign oil by $51 billion to $93 billion a year.
Including the pricing of carbon into the equation, the bill would "cut greenhouse gas emissions from sites covered by the proposed emissions trading scheme by 42 per cent compared to 2005 levels by 2030."
This non-partisan, major economic analysis clearly shows that the American Power Act is good for Americans and the economy.
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