(FreedomJournal)- President Joe Biden in his first couple of days as president has already killed 60,000 good-paying jobs by cancelling the permit for the Keystone XL Pipeline, and now, according to experts, his decision to rejoin the Paris Climate Deal will have a devastating impact on the American economy.
Joe Biden is already shaping up to be the worst president in American history…and we have four more years of this.
On January 20, Biden signed a new executive order officially forcing the United States to rejoin the global agreement on climate change without the consent of legislators. The United Nations claim developed nations should take the lead in pushing for green energy and new climate change policy, while underdeveloped countries aren’t restricted by the same requirements.
Deputy Director of the Thomas A. Roe Institute for Economic Policy Studies at the Heritage Foundation, Nicolas Loris, weighed in on the decision and said that it was flawed economically and environmentally.
“It will be very costly for American families and business because 80 percent of our energy needs are met through carbon-emitting conventional fuels,” Loris said in a recent interview with the Epoch Times.
“Regulating them and subsidizing alternatives is going to harm American families,” Loris added.
It follows historic achievements made by President Donald Trump in terms of American energy independence, whereby the United States was producing its own energy and no longer relying on foreign adversaries for fuel. America’s former energy independence, which will dissipate under Joe Biden’s leadership, also allowed the United States to invest in green energy alternatives for the future.
Loris is one of many economic experts who have lambasted the Paris Climate Agreement, describing it as having “no teeth.” The economic researcher also said that less developed countries were being given a “free pass” on their emissions and that the Paris accord is “not going to reach its intended goal.”
But Joe Biden wanted to pass it because…well, Trump is bad, right? Or something.
Under the Paris Agreement, global temperature must only increase by a maximum of 2 degrees Celsius. To achieve this, the agreement requires developed countries to significantly reduce their greenhouse gas emissions – but the United States was doing this without being a member of the deal.
A report authored by Loris in 2016 explained how the deal would have massive costs to the American economy, and that those costs will be passed on to the consumer.
“We estimate that over a 15-year period, you’re talking about an aggregate loss of 20,000 per family of four,” he said. “If the cost of energy is increased, Americans not only have to pay more for electricity and at the pump, but they will also have to pay more for groceries, going out to eat, or buying clothes, as it all takes energy to make.”
Exactly how much more does Joe Biden expect Americans to pay for energy and goods in the future?