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VP Joe Biden Unveils Home Energy Efficiency Program

November 09, 2010 3:45 PM

ABC News' Mary Bruce reports:

The White House announced a new federal program today designed to help Americans make their homes more energy-efficient, which Vice President Joe Biden said it would save consumers money and create jobs.

“We believe that retrofitting homes has the potential to save us billions of dollars. And we believe that these projects that we are announcing today will go a long way toward growing an industry and in the process create good jobs for a very good public purpose,” Biden said at a Middle Class Task Force event at the White House this afternoon, noting that the new initiative could create tens of thousands of jobs.

The Recovery Through Retrofit program will enable homeowners to get low-cost energy audits of their homes and federally insured loans to pay for improvements.

“Look, folks, investing in this stuff is the only way to build an economy capable of not just competing in the 21st century, but actually leading, as we have in the past,” Biden explained. “Making our homes more energy efficient, a major part of this, is a no-brainer. It saves consumers money on their electricity, reduces our dependence on foreign oil, it creates jobs. It's all part of efforts to fundamentally reimagine the American economy by fundamentally changing our approach to energy consumption.”

Biden also said that retrofitting homes is “one of the quickest jolts” to move the country toward energy independence. “It is the low-hanging fruit out there. It doesn't require many significant technological breakthroughs to have gigantic impact on our consumption patterns,” Biden said.

Under the new program, homeowners will receive a “Home Energy Score” that ranks their home’s efficiency on a scale of one to ten and shows how it compares to others in the neighborhood. Trained and certified contractors will then estimate how much money a homeowner could potentially save through upgrades and will recommend improvements.

To pay for retrofitting, consumers will be eligible for up to $25,000 in low-interest, federally insured “PowerSaver” loans. The program also sets new guidelines for contractors that identify the skills needed for workers in the retrofit industry.

Several communities across the country are testing the new energy scoring system this fall before it's rolled out nationally next summer.

“I don't want to oversell this, but this is a significant start,” Biden concluded

The White House announced a new federal program today designed to help Americans make their homes more energy efficient, which Vice President Joe Biden said will save consumers money and create jobs.

“We believe that retrofitting homes has the potential to save us billions of dollars. And we believe that these projects that we are announcing today will go a long way toward growing an industry and in the process creating good jobs for a very good public purpose,” Biden said at a Middle Class Task Force event at the White House this afternoon, noting that the new initiative could create tens of thousands of jobs.

The “Recovery Through Retrofit” program will enable homeowners to get low-cost energy audits of their homes and federally insured loans to pay for improvements.

“Look, folks, investing in this stuff is the only way to build an economy capable of not just competing in the 21st century, but actually leading, as we have in the past,” Biden explained. “Making our homes more energy efficient, a major part of this, is a no-brainer. It saves consumers money on their electricity, reduces our dependence on foreign oil, it creates jobs. It's all part of efforts to fundamentally re-imagine the American economy by fundamentally changing our approach to energy consumption.”

Under the new program, homeowners will receive a “Home Energy Score” that ranks their home’s efficiency on a scale of one to 10 and shows how it compares with others in the neighborhood. Trained and certified contractors will then estimate how much money a homeowner could potentially save through upgrades and recommends improvements.

To pay for retrofitting, consumers will be eligible for up to $25,000 in low-interest, federally insured PowerSaver loans. The program also sets new guidelines for contractors that identify the skills needed for workers in the retrofit industry.

Several communities across the country are testing the new energy scoring system this fall before it's rolled out nationally next summer.

“I don't want to oversell this, but this is a significant start,” Biden said.

-Mary Bruce

November 9, 2010
in Joe Biden, Mary Bruce, White House
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Deficit Commission Co-Chair Erskine Bowles Falsely Claims Social Security ‘Runs Out Of Money In 2037′

Last week, Alan Simpson and Erskine Bowles, the co-chairs of President Obama’s deficit reduction commission, released a report outlining their recommendations for reducing the federal budget deficit. One of their most contentious proposals is to gradually raise the retirement age to 69, a move the co-chairs claim is meant to maintain the system’s solvency.

This morning, Simpson and Bowles appeared on MSNBC’s Morning Joe to discuss their proposals. At one point, Simpson explained his view that balancing the budget would require going “to where the meat is. And the meat is health care, Medicare, Medicaid, Social Security.” Host Joe Scarborough then complained that while AFL-CIO president Richard Trumka attacked the proposals for cutting Social Security, Scarborough said he doesn’t think the co-chairs went far enough (co-host Mika Brzezinski agreed). Bowles then defended their proposal, saying, “What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law”:

SIMPSON: You’ve gotta go where the meat is. And the meat is health care, Medicare, Medicaid, Social Security. Not balancing the books on the backs of poor old staggering seniors to make the damn thing solvent for 75 years.

SCARBOROUGH: We were stunned, Erskine, by some of the things that were said after the commission report came out, saying, “Seniors are going to be thrown out on the street!” I looked at the numbers to be really honest with you, and I didn’t think you moved fast enough on Social Security and Medicare. We calculated that I guess, it was Trumka, who I like very much, Trumka said that this throws old people out. My two year old son Jack will get Social Security at 69. People in their 20′s and 30′s will be just fine.

BRZEZINSKI: In fact, I think you could’ve gone further.

SIMPSON: I know Rich very well. He’s a good egg. He has to say for what he has to say for his membership. But he knows I’m right.

BOWLES: What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law.

Watch it:

Social Security is currently projected to be fully solvent until the year 2037. After that, it is expected to be able to pay out 75 percent of benefits until 2084, which basically equals full benefits, once inflation is accounted for. There is no threat of the program running out of money any time soon — certainly not in 2037. That does not mean that there aren’t positive and progressive changes that could possibly be made to the system.

However, the hike in retirement age that the MSNBC co-hosts and deficit commission co-chairmen are praising would be a very punitive way to ensure further solvency. As a Government Accountability Office report recently obtained by the AP found, “Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work.”

Scaborough may not be entirely wrong to shrug off the possibility of his son Jack retiring at 69, if his son ends up being in the same socioeconomic class as him. Almost all of the gains in life expectancy over the past few decades have been among upper income earners. If current trends continue, middle and lower class Americans will see very little gain in life expectancy by the time the co-chairs plan to hike the retirement age. And “nearly half of workers over the age of 58 work at jobs that are either physically demanding or involve difficult work conditions,” meaning that if those trends continue, blue-collar workers will be hurt particularly hard by raising the retirement age.

Unfortunately, most Americans are not highly-paid TV hosts like Brzezinski and Scarborough.

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