Just when you expect President Obama to moderate his domestic economic policies, which have stifled job growth and fostered an anemic recovery following the passage of his two signature pieces of legislation — the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Affordable Care Act — it gets worse.
Now, after bringing banking and health care — about 31% of the U.S. economy — under government heel, Obama wants to further control and transform the energy sector, which represents another 10.5% of the economy.
Blocking the Keystone XL pipeline, which could help bust OPEC by transporting abundant Canadian oil into the U.S., was the opening salvo of Obama’s war against fossil fuels. The march now is to destroy the coal industry, which employs nearly 800,000 and remains the country’s leading fuel source for electricity — providing nearly 40% of America’s electric power.
So how can this be a priority at the very time when the fragile and faltering economy reported the first negative quarterly growth in three years?
For Obama, it has never really been about people or the economy. Judging by actions rather than rhetoric, he has always been more committed to the left-wing politics of socialist transformation than to improving the day-to-day lives of average Americans.
Sen. Jim Inhofe, R-Okla., senior member of the Environment and Public Works Committee, said that Obama’s proposed EPA rule to cut carbon emissions from existing power plants will effectively force many coal-burning power plants to shut down. He estimates the toll to be 224,000 lost jobs, $289 billion more in electricity costs, $400 billion a year in de facto tax hikes, $500 billion in lowered overall household incomes and $51 billion in lost economic activity.