Those very outcomes were by anticipated by U.S. legislators from both sides of the aisle when they refused to endorse President Obama’s early push for a cap-and-trade program.. A fall-out he now risks in implementing new carbon regulations proposed by the EPA earlier this year. By demanding that power plants chop carbon emissions by 30 percent by 2030 (compared to 2005 levels), the Obama administration is all but eliminating coal from our energy diet, a move estimated to cost the economy $51 billion and 224,000 jobs every year through 2030. The leader of Australia’s Greens party claimed it was the “first country in the world to reverse action on climate change,” but that is not true. It is the first time a government has rolled back a functioning carbon tax system, but numerous countries have concluded that the price of going green is just too high, especially in the aftermath of the financial crisis.
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Obama Take Heed: Aussies Repeal ‘Economy Killer’ Carbon Tax