A new study estimates that in 10 years, Kentucky could create over 28,000 jobs while lessening the growth of electricity bills by passing clean energy legislation currently in front of the General Assembly. Synapse Energy Economics produced the study, which is an analysis of the Clean Energy Opportunity Act introduced by Representative Mary Lou Marzian.

“This study confirms that legislation to diversify our electricity portfolio would be economically beneficial to Kentucky,” said Justin Maxson, President of the Mountain Association for Community Economic Development.

“The bill would allow the state to hedge against increasing rates by making homes and businesses more energy efficient. And it would spur the creation of clean energy jobs, installing renewable energy projects and making energy efficiency upgrades.”

“The era of cheap energy is coming to an end,” said Maxson, “and it is really a question of whether we, in Kentucky, take advantage of the opportunities that exist in the clean energy economy of the future.”

The Clean Energy Opportunity Act calls for the establishment of a renewable and efficiency portfolio standard (REPS). An REPS requires utilities to obtain a small, but growing, share of their electricity from clean renewable energy and increase their energy efficiency programs. The bill would require utilities to get 12.5 percent of their electricity from renewable energy and achieve 10.25 percent cumulative savings from energy efficiency efforts by 2022.

Synapse’s study is a high level analysis of the proposed legislation’s impacts on Kentucky’s electricity bills, jobs, and economy. The study concludes that making small, but significant, steps to begin diversifying Kentucky’s portfolio over the next ten years will lower the bills of Kentucky’s residents, business owners, and industrial facilities compared to their bills without a clean energy standard.

Synapse projects that, under the REPS, average annual electricity bills could be eight to ten percent lower than under a do-nothing scenario. In addition to saving Kentuckians money, the REPS would lead to over 28,000 net new jobs over and above any jobs lost in fossil fuels and add $1.5 billion to gross state product once fully implemented in 2022.

“Efficiency and renewables are already the emerging trend in construction in the Commonwealth,” said Kentucky solar entrepreneur, Matt Partymiller, of Solar Energy Solutions in Lexington. “This report by Synapse captures what Kentucky engineers and contractors already know and what other states have already seen.

Legislation like the Clean Energy Opportunity Act will provide the tools necessary for Kentucky builders to create jobs while ensuring Kentucky energy costs stay low.”

The study’s findings are supported by what neighboring states that have passed similar legislation have experienced. North Carolina has seen tremendous growth in the number of clean energy firms operating in their state since passing an REPS in 2007. Ohio built on the strengths of its traditional manufacturing sector to start building clean energy equipment in state, and reap real economic benefits from their 2008 law.

Synapse carried out the study for the Mountain Association for Community Economic Development, a Berea-based economic development organization, and the Kentucky Sustainable Energy Alliance, a coalition of over 50 businesses, affordable housing advocates, non-profit organizations and faith-based groups.

MACED and KySEA wanted to understand the economic impacts of an REPS in Kentucky, and a comprehensive analysis of a bill like the Clean Energy Opportunity Act has not been part of the policy conversation until now.

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President Obama unveiled his eagerly awaited jobs plan recently, which might bring fresh hope and confidence to the economy and to the lives of people in America. The plan is mix of deliberate adjustment of expenditure and taxation, with a purpose to assist the ailing U.S. out of the recovery bed.

The President revealed what many have seen as a second stimulus package to lift the economy from recession. He proposed mild ramifications with fiscal tools, deductions in payroll taxes and extending the spendings on infrastructure and other alternatives to get the economy running again.

In order to increase activity, a mix of tax cuts and spendings on schools and roads, aid to teachers and assistance to the unemployed was announced. The total cost of the plan is $447 billion of which $253 billion will go to tax-cuts and $194 to new spendings. A select part of the bill could become law and provide a measure of support for the economy.

The best component to win the congress’ approval is the payroll tax cuts. Reduction in tax rates will give more purchasing power to the consumer, which eventually should push demands upwards. Currently employees normally pay 6 percent if their income in tax, but in the future, they may become liable to pay only 4.2 percent. A reduction of 2 percent.

Fundamentally, the Obama administration wants to put more people to work and increase spending so that a weakened demand may get strengthened and help bring back certainty in economic activity.

The $447 billion cost program is nearly half of the stimulus package announced by the President in 2009, and reflects the severity of the economic crisis. When the economy is weak, governments will often launch ambitious analysis to find out the root cause of the problem, and upon successfully finding it, they design policy to curb or mitigate its impact on the economy.

As in this case, Obama proposed a National Infrastructure bank which would cost $10 billion to establish, but which would pay for new public construction projects like local roads, bridges and mass transit systems.

Furthermore, the president outlined new spending program for school modernization (at least 35,000 public schools) with total spending of $25 billion. In an effort to provide benefits to jobless people, the plan sets aside $62 billion for unemployment insurance to continue supporting the jobless.

Many economists say that the American government must put billions of dollars into the economy to keep it from sinking into recession, but no proposal is ever be without criticism. Nigel Gault, Chief Economist with HIS Global Insight said “If you give somebody a tax cut and they just save it, then there no jobs created”.
Christopher Halloran / Shutterstock.com

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The debate that took place at the infamous Ronald Reagan Library gave those who tuned in the opportunity to formally see where the eight GOP presidential candidates stand on some of the most burning issues facing the country. It was clear that two candidates carried the spotlight throughout the night. Romney and Perry didn’t waste any time and began their heated battle right from the start.

Each dealt with tough questions, and both were confronted on issues of job creation in their state and their plan for the economy. Romney, who was bumped down by Perry in recent polls to a second place, showed an adequate performance at last week’s debate. Romney was able to stay composed and focused even when faced with questions regarding some of his weak spots, such as healthcare.

Romney’s health care plan, often referred to as “Romney Care,” was one topic that Romney couldn’t avoid answering — the main reason being that all other candidates oppose Romney’s healthcare bill because it resembles that of President Obama. He will have to expand on the difference between his and the President’s in future debates.

Romney was also confronted with his ideas for job creation when questioned about his poor ranking as the 47^th state for job creation within his ten years as governor. Romney responded, “We were able to turn around the job losses and at the end of four years we had the unemployment rate down to 4.7%. That’s a record I think the president would like to see. As a matter of fact we created more jobs in Massachusetts than this president has created in this entire country.”

He also used his experience in the private sector to promote his foundation for forming jobs. Rick Perry, who is now in the lead in the GOP presidential election, is known to be inexperienced in live debates compared to the other candidates. However, this didn’t show and Perry was able to answer many questions, with only a few fumbles.

Perry was also faced with the topic of job creation and economy. He was asked about economic issues that surround Texas such as having the lowest minimum wage in the country and being one of eight states with the highest level of poverty.

Perry responded, “What Americans are looking for is someone who can get this country working again, and we put the model in place in the state of Texas. When you look at what we have done over the last decade we have created one million jobs in the state of Texas, the same time Americans lost 2 1/2 million.”

Although a good answer, Perry dodged many of the questions being asked and instead responded with his track record of creating jobs. The fact that Mitt Romney and Rick Perry were in the spotlight last at the first debate could indicate the direction of the race for the presidential nomination.

Mark McKinnon, a former adviser to President George W. Bush during his presidential campaign, responded to last week’s debate as, “great theater, good fireworks. Rick Perry is the front-runner and he did nothing last night to knock himself off that status. Mitt Romney was solid as he has been in the recent debates.”

With both candidates showing no signs of giving up, it will be exciting to see if the upcoming debates continue to play out like a boxing match between Romney and Perry, or if other candidates will want to step in for the fight.

Image Courtesy of  http://www.flickr.com/photos/gageskidmore/

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With a country in despair and a re-election around the corner, President Obama proposed the American Jobs act on Thursday 13th to a joint session in congress. The President’s reason for this speech seemed far from wanting to get re-elected, but instead focused on the millions of Americans that currently need jobs.

He stated that the proposed bill was “simple” and elaborated by emphasizing that its main goal was simply to get people working again. The main goal of this $477 billion dollar jobs plan is focused around small businesses that are struggling, moving away from big businesses that were able to bounce back successfully in the recession.

The bill will ultimately provide, “a tax break for companies that hire new workers, and it will cut payrolls in half for every working American and every small business.” The President also included his recent agreement, which was put in place to cut government spending by $1 trillion within the next 10 years, as well as reduce spending in congress.

Present Obama almost seemed desperate for some kind of agreement in congress to get this bill passes as soon as possible. Along with repeatedly saying “pass this bill now,” He added, “there should be nothing controversial about this piece of legislation.”

He continued on to say, “Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans — including many who sit here tonight. And everything in this bill will be paid for. Everything.” He even discussed how Republicans have proposed the same payroll tax cut as seen in his American Jobs Act, to hopefully appeal to republicans in congress.

Mr. Obama hoped that it would be helpful to add examples of why congress should agree and pass this bill. He made references to previous bills that were similar and which both democrats and republicans agreed on. He also tried to tie the two parties together when he said that the bill came from ideas from both a Texas Republican as well as a Massachusetts Democrat.

Republicans responded that the essential proposal was nothing new and simply a scheme for re-election. Many didn’t even attend the President’s speech in attempts to “boycott” it. Senate minority Leader, Mitch McConnell, a republican from Kentucky said, “This isn’t a jobs plan. It is a re-election plan.”

On the other hand, Republican Speaker John Boehner showed an open mind and focused on the creation of jobs rather than the speech itself. He said, “I’m hopeful that after the president gives his speech that we’ll be able to sit down, in a bipartisan way, and fine common ground that will help improve our economy, and improve the job picture for the American people.”

The President is out to end the “political circus’ in congress, and unfortunately, American workers will see no change unless the President and congress find common ground.

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President Barack Obama launched a three-day bus tour, speaking in town hall meetings through Minnesota, Iowa and Illinois, but he emphasized that he is not campaigning yet. Obama, however, spent his speeches focusing on jobs and the economy while criticizing the GOP field of potential nominees.

The President criticized the Republicans for their uniform opposition to any deficit-cutting compromise involving new taxes. “That’s just not common sense,” Obama told the crowd at a town hall-style meeting in Cannon Falls, Minn. “You need to take a balanced approach,” he insisted.

Obama spoke about last week’s GOP presidential debate where all eight of the candidates said they would refuse to support a deal with tax increases, even if tax revenues were outweighed 10-to-1 by spending cuts. Obama didn’t mention any of the candidates by name, and prefaced the remark by saying, “I know it’s not election season yet.”

At another town hall meeting, Obama was questioned about his health care reform and used the opportunity to take a shot at Mitt Romney.”You’ve got a governor who’s running for president right now who instituted the exact same thing in Massachusetts,” Obama said, referring the requirement for nearly everyone to carry health insurance. “This used to be a Republican idea,” Obama said. “It’s like suddenly they got amnesia.”

Obama also criticized the anti-government message that the Republican Party embraces. “When you go to the National Parks and those folks in the hats, that’s government,” Obama said. “As frustrated as you are about politics don’t buy into this notion that somehow government is what’s holding us back,” he said.

Obama began his speech at the town hall meetings by criticizing Congress, accusing lawmakers of putting politics ahead of the country and calling on voters to tell them to cut it out. “You’ve got to send a message to Washington that it’s time for the games to stop, it’s time to put country first,” Obama said.

“I want everyone to understand here, I’m not here just to enjoy the nice weather; I’m here to enlist you in a fight,” he said. “We are fighting for the future of our country. And that is a fight that we are gonna win. That is a promise that I make, with your help.”

Not everyone was pleased with Obama’s town hall meetings. Republican National Committee chairman Reince Priebus and a few dozen protesters showed up in Cannon Falls. “We won’t stand idly by while he uses our hard-earned tax dollars to spin his failure to put America back to work,” Priebus said.

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