Report finds newly proposed EPA regulations will disproportionately affect our nation’s seniors
Alexandria, VA – The 60 Plus Association was joined by Rep. Morgan Griffith (R-Va.) and energy economist Gene Trisko at the National Press Club today to unveil a new report, Energy Bills Challenge America’s Fixed-Income Seniors, which finds that President Obama’s newly proposed EPA regulations would disproportionately affect seniors. The report revealed that EPA regulations would increase the price of electricity across America at rates above the general inflation rate and as much as 20% in some states.
After the event, Jim Martin, Chairman of the 60 Plus Association, issued the following statement:
“I was pleased to be joined by Rep. Morgan Griffith and Gene Trisko to discuss the impact of proposed EPA regulations on our seniors. EPA is pursuing sweeping new standards that unfortunately do little to improve the environment, but they will have major consequences for all Americans – particularly seniors.
“Many seniors are already being forced to decide between spending their fixed incomes on food, heat or medicine, and the President’s newly proposed EPA regulations will only make their dire situation even worse. Energy, like food and housing, is an indispensable necessity of life and President Obama should be working to help make the situation better instead of adding to seniors’ financial burden.”
Key Findings From Report:
· The United States has 27 million households aged 65 or more (“65+”), representing nearly one-quarter of the nation’s 116 million households. Low and fixed income seniors are among the most vulnerable to electric rate and other energy price increases.
· Current and pending EPA regulations will increase the price of electricity in America at rates above the general rate, by as much as 20% percent in some states, of inflation and shut down numerous traditional plants.
· Just maintaining the energy budget status quo for America’s 65+ fixed income population requires stable electricity and other energy prices that do not increase above the rate of inflation.
· Future energy price increases, driven in large measure by petroleum supply and demand trends and by current and pending U.S. EPA regulations, are likely to outstrip real household incomes among the 63% of America’s 65+ households with gross annual incomes less than $50,000.