Thursday, June 01, 2017

Trump pulls out of Paris accord

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The Paris agreement was a farcical attempt to halt climate change on the honor system. Its only legal requirements were for signatories to announce goals and promise progress, with no international enforcement mechanism. 

President Donald Trump announced on Thursday that his administration is backing out of the Paris Climate Accord that was agreed upon in 2015 by nearly 200 countries.
Trump said that the pact, which aims to combat climate change by reducing fossil fuel emissions, hurts American citizens and businesses.
"Compliance with the terms of the Paris accord ... could cost America as much as 2.7 million lost jobs by 2025," Trump said.
"As someone who cares deeply about the environment, which I do, I cannot in good conscience support a deal that punishes the U.S.," he added.
He explained that the agreement is a massive redistribution of U.S. wealth to other countries.

The United States and the European Union would have been forced to adopt  severe climate change rules while many of the world’s governments would avoid doing anything that would slow their own economies, think CHINA. The agreement would slow economic growth for the foreseeable future for both the U.S. economy and European Union’s  economies.  This would have given CHINA an HUGELY unfair advantage.

The Damage yo be Done to America 
 Industrial Carnage. The regulations necessary to implement the Paris agreement would have cost the U.S. industrial sector 1.1 million jobs, according to a study commissioned by the U.S. Chamber of Commerce. These job losses would center in cement, iron and steel, and petroleum refining. Industrial output would decline sharply.

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The states worst hit would be Michigan, Missouri, Pennsylvania, and Ohio. The industrial evisceration of the four states, according to the Chamber of Commerce study. 

Michigan’s GDP would shrink by 0.8 percent and employment would contract by 74,000 jobs. 

Missouri’s GDP would shrink by 1 percent. 

Ohio’s GDP would contract 1.2 percent. Pennsylvania’s GDP would decline by 1.8 percent and the state would lose 140,000 jobs.
 Small Businesses would be hurt the most grievously, while Helping Big Business. Big businesses in America strongly backed the Paris climate deal. In fact, the backers of the climate deal are America's biggest corporations; American businesses: Apple, General Electric, Intel, Facebook, Google, Microsoft, Morgan Stanley, General Mills, Walmart, DuPont, Unilever, and Johnson & Johnson.

 16 companies including Shell, mining company Rio Tinto, and Walmart signed a letter to Trump, expressing their support for the U.S. to participate in the agreement. And over 1,000 companies since November 2016 have reaffirmed addressing climate change through implementing the Paris Agreement by signing the Business Backs Low-Carbon USA statement

 These business oligarchs can easily financially cope with costly regulations than their smaller competitors. Smaller businesses and traditional start-ups would badly hurt by the increased costs of compliance and rising energy costs.

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 A Heritage Foundation study found that the Paris agreement would have increased the electricity costs of an American family of four by between 13 percent and 20 percent annually. It forecast a loss of income of $20,000 by 2035. In other words, American families would be paying more while making less. 

 The overall devastating effect of the agreement would have been to reduce U.S. GDP by over $2.5 trillion and eliminate 400,000 jobs by 2035, according to Heritage’s study. This would exacerbate problems with government funding and deficits, make Social Security solvency more challenging, and increase reliance on government’s spending to support households.

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