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GAO study: EPA regulations will kill coal plant jobs and raise energy prices

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From CNS News.

Excerpt:

New regulations issued by the Environmental Protection Agency will lead to the closure of older, coal-fired power plants and boost electricity prices in some parts of the country, according to a new report from the Government Accountability Office.

The GAO, at the behest of Sen. Jay Rockefeller (D-W.Va.), reviewed a host of information from government sources such as the EPA and Energy Information Agency (EIA) as well as private energy-sector forecasters to determine the likely impact of four new EPA regulations aimed at coal-fired power plants.

[…]GAO found that as many as 12 percent of coal-fired power plants may be closed because the EPA regulations make it too expensive for power companies to operate them, despite coal being one of world’s cheapest fuels.

“It is uncertain how power companies may respond to four key Environmental Protection Agency (EPA) regulations, but available information suggests companies may retrofit most coal-fueled generating units with controls to reduce pollution, and that 2 to 12 percent of coal-fueled capacity may be retired,” GAO said.

These changes – either installing expensive retrofits or closing power plants – will drive up electricity prices by as much as 13.5 percent in some areas of the country.

“Available information suggests these actions would likely increase electricity prices in some regions,” GAO said. “Regarding prices, the studies GAO reviewed estimated that increases could vary across the country, with one study projecting a range of increases from 0.1 percent in the Northwest to an increase of 13.5 percent in parts of the South more dependent on electricity generated from coal.”

Coal is the country’s single-largest source of electricity, accounting for 42 percent of power generation in 2011, GAO reported.

[…]The regulations at issue were all put in place by President Obama’s EPA to deal with power plant emissions and industrial waste called coal ash, the byproduct of burning coal.

This is another issue to communicate to everyone who will be voting in November. We already have price inflation from rising gas prices due to insufficient energy production at home, as well as currency inflation from several rounds of money printing and debt monetization. If we have to add to that higher electricity costs, then we really will be in trouble.

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Russian attack submarine operates undetected in Gulf of Mexico for a month

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From the Washington Free Beacon.

Excerpt:

A Russian nuclear-powered attack submarine armed with long-range cruise missiles operated undetected in the Gulf of Mexico for several weeks and its travel in strategic U.S. waters was only confirmed after it left the region, the Washington Free Beacon has learned.

It is only the second time since 2009 that a Russian attack submarine has patrolled so close to U.S. shores.

The stealth underwater incursion in the Gulf took place at the same time Russian strategic bombers made incursions into restricted U.S. airspace near Alaska and California in June and July, and highlights a growing military assertiveness by Moscow.

The submarine patrol also exposed what U.S. officials said were deficiencies in U.S. anti-submarine warfare capabilities—forces that are facing cuts under the Obama administration’s plan to reduce defense spending by $487 billion over the next 10 years.

The Navy is in charge of detecting submarines, especially those that sail near U.S. nuclear missile submarines, and uses undersea sensors and satellites to locate and track them.

The fact that the Akula was not detected in the Gulf is cause for concern, U.S. officials said.

The officials who are familiar with reports of the submarine patrol in the Gulf of Mexico said the vessel was a nuclear-powered Akula-class attack submarine, one of Russia’s quietest submarines.

[…]Submarine warfare specialists say the Akula remains the core of the Russian attack submarine force.

The submarines can fire both cruise missiles and torpedoes, and are equipped with the SSN-21 and SSN-27 submarine-launched cruise missiles, as well as SSN-15 anti-submarine-warfare missiles. The submarines also can lay mines.

The SSN-21 has a range of up to 1,860 miles.

Why is this happening? Well, it might be because of Obama’s policy of unilateral disarmament, appeasement and retreat.

The Navy is facing sharp cuts in forces needed to detect and counter such submarine activity.

The Obama administration’s defense budget proposal in February cut $1.3 billion from Navy shipbuilding projects, which will result in scrapping plans to build 16 new warships through 2017.

The budget also called for cutting plans to buy 10 advanced P-8 anti-submarine warfare jets needed for submarine detection.

In June, Russian strategic nuclear bombers and support aircraft conducted a large-scale nuclear bomber exercise in the arctic. The exercise included simulated strikes on “enemy” strategic sites that defense officials say likely included notional attacks on U.S. missile defenses in Alaska.

Under the terms of the 2010 New START arms accord, such exercises require 14-day advanced notice of strategic bomber drills, and notification after the drills end. No such notification was given.

A second, alarming air incursion took place July 4 on the West Coast when a Bear H strategic bomber flew into U.S. airspace near California and was met by U.S. interceptor jets.

That incursion was said to have been a bomber incursion that has not been seen since before the Soviet Union collapsed in 1991.

Is Obama really cutting defense? Consider this article from Investors Business Daily.

Excerpt:

The administration announces a leaner version of our military involving the cutting of tens of thousands of ground troops as a leading defense contractor closes a major plant due to budget cuts.

In an unusual appearance at the Pentagon on Thursday, President Obama laid out his plans for a “leaner” military based on the need “to renew our economic strength here at home, which is the foundation of our strength in the world.”

In other words, failed domestic policies require us to cut our military in a dangerous world.

[…]Defense cuts are already having a domestic effect. Boeing Co. announced Wednesday it will close its defense plant in Wichita, Kan., by the end of 2013, moving future aircraft maintenance, modification and support to other facilities.

The closure, prompted by defense cuts, will cost 2,160 workers their jobs.

[…]A 14-page analysis by the Republican majority staff of the House Armed Services Committee says the cumulative cuts will result in the Army and Marines losing 200,000 troops.

The Navy will shrink to 238 vessels from today’s 300 and would lose two carrier battle groups needed to project American power and influence. Strategic bombers will fall from 153 to 101. Air Force fighters would drop by more than half, from 3,602 aircraft to 1,512 planes.

I blogged more about the Obama administration’s cuts to defense last week.

News

Redistribution of wealth: 2362 millionaires collecting unemployment

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How well does government redistribute the money that they take from job creators and workers?

From CNS News.

Excerpt:

There were 2,362 people who earned a million dollars or more in taxable income in 2009 and who also received federal unemployment benefits that year, according to a report by the Congressional Research Service.

In fact, these millionaires collectively raked in more than $20 million in unemployment benefits.

The Congressional Research Service report–Receipt of Unemployment Insurance by Higher-Income Unemployed Workers (“Millionaires”)–was published on Aug. 2 and was based on the most recent data available from the Internal Revenue Service.

“Among tax filers with AGI [Adjusted Gross Income] of $1 million or more, 2,840 reported receipt of unemployment benefit income in 2008 and 2,362 tax filers reported receipt of unemployment benefit income in 2009,” the CRS reported.

The CRS reported that millionaires received $20.8 million in federal unemployment benefits in 2009, up from $18.6 million in 2008. That averages out to $8,806 in unemployment benefits per millionaire.

Unemployment insurance is a joint federal-state program and is funded by a payroll tax assessed against all workers. In the four years preceding 2012,according to the Tax Foundation, the unemployment insurance system was in the red. “Between 2008 and 2011, $174 billion was paid in unemployment taxes while $450 billion was paid out in benefits, a gap of $276 billion,” the Tax Foundation said.

[…]In addition to the 2,362 people with adjusted gross incomes of $1 million or more who got unemployment benefits in 2009, there were also 8,335 people with incomes between $500,000 and $1 million who received benefits and 120,227 with incomes between $200,000 and $500,000 who received benefits.

The money that is paid out for unemployed people is taxed from all workers. That means that my unemployed insurance payments are funding unemployed millionaires. I’ve also had to pay Social Security, Medicaid and Medicare, and I’ve never taken a dollar back from that.

According to this Senate report, millionaires collected $9 billion in Social Security payments from the government from 2004-2009. I’ll never collect a dime of Social Security, but I’m paying for theirs. There is no reason for me to be paying into Social Security – it’s not a good deal for younger workers.