Just based on her tax proposals alone, the Tax Foundation calculated that a Hillary Clinton presidency would kill just over 300,000 jobs, and depress wages about 1%. And that’s just her tax policy.
Like Obama, Hillary has promised to “put a lot of coal miners out of work”- a statement she later attempted to backtrack on. Madam President’s energy policy would be the most destructive segment of her economic agenda, making her taxing and spending policy look desirable by comparison. Economist Stephen Moore writes in Real Clear Politics: Let’s start with jobs. There are still about 250,000 Americans directly or indirectly related to the coal industry. Under a Democratic administration in 2017, they would be gone for sure — with miners reassigned to new positions under comrade Clinton’s energy strategy.
But that’s a pittance compared to employment and output in the oil and gas industry. Back in 2012, Pricewaterhouse Coopers completed a study (for the American Petroleum Institute) on the economic impact of American energy. PWC found that direct and indirect jobs related to oil and gas stood at just under 10 million.
PWC also calculated that the value added to the U.S. economy from oil, gas and coal was about $1.2 trillion a year — or about 8 percent of GDP. In other words, not producing fossil fuels means our economic growth would be instantly lowered by about 8 percent, which would make the last Great Recession seem like a picnic. Incidentally, the oil and gas industry also pays tens of billions of dollars in tax revenues every year — so that flow would stop, too.
Even after more than $150 billion in government subsidies over the past decade, wind and solar power are so expensive and unworkable that they account for less than 6 percent of America’s energy supply. And we’re supposed to believe that we’ll move from 6 percent to 100 percent green energy almost overnight.Most amazing of all is that the people who believe this fairy tale are the same people who say that Donald Trump is crazy. I can’t seem to find a silver lining in all this, except that if Hillary becomes President, we’re guaranteed that there will be 10 million fewer people to vote for her second term.
[Note: This post was authored by Matt Palumbo. Follow him on Twitter @MattPalumbo12