Obama’s EPA Rules Will Disproportionately Hurt the Poor
This carbon rule will literally destroy our country.
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A new study finds that the harsh new carbon emissions rules President Obama’s Environmental Protection Agency released this month will hurt the middle class far more than the rich. However, while the new rules will cause the middle class to take a hit, America’s poorest will be hit hardest of all.
The study by The Manhattan Institute discovered that the top 20% of earners pay only 4% of their income on energy while the bottom 20% pay a whopping 24%. This means the massive hikes in electricity rates expected under the new rules will disproportionately affect the poor.
The study discovered that “those in the lowest fifth of income earners spend the greatest share of their incomes on energy (defined as natural gas, electricity, and gasoline and motor oil). Earners in the lowest income quintile spend 24 percent of their pre-tax income on energy, while those in the highest income quintile spend 4 percent—the same as in 2012. Even though high-earners spend more on net, it is the poor who will have their budgets squeezed as they struggle to pay for gas and electricity.”