Here:
Europe’s experience with such hardline carbon rule-making [as Obama's] would suggest the [US Chamber of Commerce's] claims are more credible than the administration’s. Clean energy investment among European Union members dropped 14 percent in the third quarter of last year, as governments reconsidered policies similar to the ones Obama is putting in place.
The reason: Electricity costs in Europe are the highest in the world, and are helping to drive away manufacturing jobs. Instead of shutting down coal plants, Europe is actually building them again as a way of dropping those crushing electricity costs.
Higher utility bills will hurt poorer Americans the hardest, and ultimately will necessitate even more wealth transfer schemes.
In addition, the resurgent U.S. manufacturing industry will be slowed. Energy is a crucial component of building things, obviously, and today American manufacturers enjoy a distinct advantage because of relatively low electricity costs. Raising those costs will hit industrial states, like Michigan, particularly hard.
