LOUISVILLE, KY (WAVE) - It is estimated that for every billion dollars in regulatory costs, more than 8,000 jobs are lost. That explains in part why in the past eight years more than 180,000 coal mining jobs have been lost nationwide - more than ten billion in new fossil-fuel regulations have been imposed by the Environmental Protection Agency, with ten billion more planned.
The impact on Kentucky has been brutal - nearly 25,000 coal mining or coal mining related jobs eliminated in the past eight years. Little wonder that last month Kentucky general revenue funds dropped $57 million from May of last year - the largest one month drop in nearly seven years, when we were battling through a recession.
Our neighbors in West Virginia are struggling even more in some ways due to the aggregate effects of the regulatory onslaught.
A once thriving steel industry in America was crushed by regulation. It appears the coal industry is following suit. Let's hope the regulatory overreaching ends before other industries are irreparably damaged.