1.7 million green jobs signed into law today. Who says so? My inbox, of course:
Gillian Caldwell, campaign director for 1Sky, described the recovery bill, which is expected to be signed in to law by President Barack Obama in Denver later today, as "a vital first step to help us transition from a dirty fossil fuel economy to a clean one powered by renewable energy." Caldwell noted that the green jobs created in the recovery package are pivotal for the nation. She said, "The 1.7 million green jobs provided by the recovery package means the green economy isn't just for consumers. Because of this new law, workers will be able to earn a paycheck and American households will save money through energy efficiency."
UPDATE: John asked "Where'd they get 1.7m? I can only find 557 thousand." Here's more...
1Sky is a collaborative national campaign for bold climate policy. Caldwell described the $87 billion in clean energy investments in the recovery law as "the stepping stones to solving the climate crisis. She explained that the recovery builds the nation's ability to get more cars off the road, out of traffic and less dependent upon fossil fuels by including funding for high speed rail and other crucial transportation projects. The new law includes increased capacity to generate clean electricity. The recovery bill also includes a tax credit for wind and other renewable energy as well as a tax credit for plug-in hybrid cars.
To channel John: Using Romer-Bernstein method's mulitiplier of 1.5, the $87 billion in clean energy investments of the stimulus will generate $130.5 billion in GDP. This is about 0.93% of GDP in a $14 trillion economy. Using the Romer-Bernstein Rule, each 1% of GDP generates 1 million jobs, clean energy investments of the stimulus bill will generate about 930,000 green jobs, way below 1Sky's estimate.That was fun.