National Association Of Manufacturers: EPA Ozone Rule Will “Tank The Economy”
The National Association of Manufacturers (NAM) and NERA Economic Consulting released a new study that found the Environmental Protection Agency’s (EPA) proposed new ozone standards would reduce economic output by $140 billion over ten years, a burden that would “tank the economy” NAM said. The rule would also result in 1.4 million fewer job equivalents (that estimate accounts for job losses, lower incomes and fewer hours worked) and would cost the average U.S. household $830 per year in the form of lost consumption. The study also looks at the proposed regulation’s state-by-state impact. For example, it found:
- In Pennsylvania, the rule would reduce state gross product by $78 billion;
- In New Hampshire, compliance costs would total $3 billion;
- California would lose nearly 150,000 jobs or job equivalents per year; and
- Texas household consumption would decline by $1,430 per year.
NAM and NERA estimate the EPA ozone rule will likely be the costliest federal regulation ever implemented and could result in plant closures and the scraping of machinery. Interested parties have until Tuesday, March 17 to comment on the EPA’s ozone rule, which would revise the current ozone standard from 75 parts per billion (ppb) to 65 parts per billion.
MSCI encourages its members to comment on the rule through the Federal Register website or through the U.S. Chamber of Commerce website. MSCI members can also use the National Association of Manufacturers’ website to tell their elected officials in Congress that they oppose the EPA’s ozone rule.