The increased cost of energy from carbon taxes will enrich the powerful but hurt blacks and Hispanics the most.
Back when Pat Sajack tweeted that Global Warming alarmists were racists, he was widely mocked. But he spoke the truth. Anyone who thinks about the consequences of energy prices rising will figure out that minorities who are relatively more poor on average will be more damaged.
White rich people are targeting poor minorities (and poor members of majorities too) for a lower standard of living and these minorities are being led to cheer for it.
Here is some recent confirmation at Investors.com: “EPA Clean Power Plan Will Hit Blacks and Hispanics Hardest.”
The Obama administration, the Environmental Protection Agency and environmental activists frequently claim that climate change will disproportionately affect poor and minority communities.
This, they argue, justifies unprecedented environmental regulations like the EPA’s soon-to-be-finalized “Clean Power Plan” to cut U.S. greenhouse gas emissions by 30% by 2030.
But what effect will the regulation itself have on minority communities? A new study commissioned by my organization, the National Black Chamber of Commerce, answers this question.
The Clean Power Plan will lead to lost jobs, lower incomes and higher poverty rates for the 128 million blacks and Hispanics living in America. This should serve as a warning to federal and state lawmakers as they prepare for this sweeping regulation to go into effect in the coming months.
The underlying economics explain why this regulation will inflict the most severe harm on our communities.
The study estimates that restructuring America’s energy grid, which the EPA’s rule will require, will lead to $565 billion in higher annual electricity costs by 2030, when the regulation will be fully implemented.
Naturally, since the poor spend a greater percentage of their income on energy, and since blacks and Hispanics are more likely to be poor, they will be hurt much more than others. But that is only part of the picture.
The study estimates that this single regulation will cause cumulative job losses for blacks and Hispanics of roughly 7 million and 12 million, respectively, over the next 20 years. Over the same time period, black families can expect their annual incomes to fall by $455, while Hispanics will take home $515 less per year.
So higher energy costs and lost jobs will be especially hitting the minority communities…. Have we left anything out?
Yes, when the price of energy goes up, then the price of everything goes up because everything requires energy to make it. So while they are paying more for energy and trying to find a new job they are also going to be struggling with rising food costs, rising housing costs, rising vehicle and transportation costs, and rising everything costs.
Eventually, if the desired carbon taxes are imposed, the economy will get much worse. Those getting the carbon taxes will be wealthier than ever. How many of them will be minorities, do you think?