Report finds EPA’s global warming efforts will cost U.S. $2.23 trillion

The Heritage Foundation recently released a new report that found the Environmental Protection Agency’s (EPA) global warming agenda, which includes replacing coal-fired power with low-carbon fuels, will cost the United States economy approximately $2.23 trillion over the next two decades. The federal agency’s fight to end global warming will also decrease families’ incomes and raise energy prices.

The conservative organization utilized economic models founded on the federal government’s National Energy Model System and discovered future EPA regulations will diminish a family of four’s income by roughly $1,200 and cost approximately 600,000 jobs.

“Higher energy prices as a result of the regulations will squeeze both production and consumption. Since energy is a critical input for most goods and services, Americans will be hit repeatedly with higher prices as businesses pass higher costs onto consumers,” writes Nick Loris, a Heritage Foundation economist and co-author of the report.

“However, if a company had to absorb the costs, high energy costs would shrink profit margins and prevent businesses from investing and expanding. The cutbacks result in less output, fewer new jobs, and less income.”

Remote Sensing Systems (RSS) satellite records have highlighted that there has been no warming of the globe for the past 17 years and six months (the chart can be found below). However, according to a new study, the slowdown in global warming is allegedly due to volcanoes.

In 2007, former U.S. Vice President Al Gore predicted the North Pole would be entirely “ice-free by 2013” and that temperatures would rise so high that it would be “a planetary emergency and a threat to the survival of our civilization.” Satellite data from NASA has depicted quite the opposite.

Rather than shrinking or melting away, the polar icecap is at its highest level since 2006 and has expanded by 50 percent. The Antarctic sea ice has also experienced the same thing. The Washington Post reported that ice in the Antarctic has experienced a 35-year high.