Fed study: Climate bill spells gloom for jobs

Despite President Obama's prediction that it would create new jobs, the climate change bill passed by the House will mean fewer jobs by 2030 than if Congress did nothing at all, according to the first comprehensive study of the measure by the federal government. The Democrat-controlled House narrowly passed its climate change bill on a 219-212 vote June 26. A week later, Mr. Obama told chief executives that the legislation "holds the promise of millions of new jobs -- jobs, by the way, that can't be outsourced." Mr. Chu repeated the assertion Tuesday. But a chart in the EIA report showed the employment rate -- just like the economy as a whole -- worsening for the first several years, improving slightly in the midterm, peaking in 2024 and then declining steadily. It showed 0.25 percent fewer jobs in 2030 under the Democrats' bill, with the manufacturing sector suffering a 2.5 percent lag. For the economy as a whole, immediate energy price spikes would be followed by relative calm as the economy adjusted. But when stricter rules go into effect in 2025 "the rapid increase in energy prices causes the economy to contract," EIA said...WashTimes