Dismantling of the American Economy

On Friday, I recieved an e-mail from Bill Miller of the U.S. Chamber of Commerce:

Dear Kerem,

Yesterday, the U.S. Chamber released a landmark study on the state specific impact of stalled energy projects in 49 of the 50 states. In Virginia, 10 stalled energy projects are costing the state's economy $34.4 billion in GDP and 46,000 jobs a year that could be created during the construction phase of these projects alone.

To read more about the specific projects in Virginia and to read the full report, click here.

We'll continue to keep you updated on this important initiative and ways you can help remove obstacles to get our communities and nation working again.

Best,

Bill

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The study estimates the potential loss of investment and jobs in the 351 proposed renewable, coal, natural gas, nuclear, and transmission projects in 49 states that have been delayed or cancelled due to EPA and environmental activism, a broken permitting process, and a system that allows for limitless lawsuits by opponents. The study features a state-by-state analysis that details the economic output and jobs that could be created by acting on these stagnant projects. 

Among the notable findings of the study is the fact that almost half of the projects identified in the study are renewable energy projects. Other highlights include:

Investment Phase—Planning and construction of the study's projects would generate $577 billion in direct investment and would result in an approximately $1.1 trillion increase in U.S. Gross Domestic Product (GDP). An estimated 1.9 million jobs would be required during each year of construction.

Operations Phase—Operation of the study's projects would generate $99 billion in direct annual output and would yield $145 billion in increased GDP annually. An estimated average of 791,200 jobs would be created per year of operation.

Total Benefits—If constructed and operated for twenty years, the study estimates a total benefit of $3.4 trillion in GDP, including $1.4 trillion in employment earnings and an additional one million jobs per year.

And that is the sad story of the dismantling of the American economy, folks!  Did anyone think they were kidding when Obama, Chu, etal said energy costs would necessarily have to increase exponentially (in Secretary Chu's case, gasoline prices of up to $10 per gallon) under their scheme?  They were telling the truth all along.  It was the media and most Americans who were asleep at the switch.