Larry LaRocco on Budget & Economy

Democratic Senate Challenger; previously US Rep.

A direct energy investment of $300 billion over 10 years

The transition to energy independence will not be easy, but a recent study demonstrates the significant economic and social benefits to the whole economy of altering our current energy policy. The proposal uses both a direct investment of $300 billion over 10 years of public funds and tax incentives to diversify the country's energy sources, invest in more efficient factories, promote construction of energy efficient buildings and reinvest in smart urban growth with improved transportation options. The study finds that implementing this plan will add more than 3.3 million high-skilled and high wage jobs to the economy, stimulate $1.4 trillion GDP growth over 10 years and produce $284 billion in net energy cost savings. The investment is cost neutral over 10 years because the $300 billion federal investment will be offset by $306.8 billion in increased federal tax revenue from increased income. Relative to the baseline, the project could be revenue positive over a longer window. Source: Campaign website, www.laroccoforsenate.com, "Issues" May 14, 2008

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Page last updated: 7/2/2008