The View From 1776
Thursday, January 15, 2009
A Cold Shower for Global-Warming Spending
It’s well past time for even liberal-progressive-socialists to acknowledge that the United States simply can’t afford to continue the deficit spending and fiat money creation that produced our subprime mortgage and financial sector meltdown.
Democrat/Socialists have spent much of the past eight years pillorying President Bush for all manner of things. What a pity that they didn’t blast him for failing to reign-in Congress’s ballooning deficit spending. What a pity that they didn’t make reduced government deficit spending a major item of their promised changes.
Senator Hillary Kennedy (should be Hillary Clinton), in hearings for her nomination as Secretary of State, vowed to make, as a cornerstone of her foreign policy agenda, vast spending to deter the fiction of man-made global warming.
Even if we could afford it, EU nations are coming to the realization that they cannot.
Prospective measures to impose a version of the Kyoto global warming protocols will be colossally expensive, forcing American industry to shoulder costs that will devastatingly reduce profits and return on new productive investment. As EU nations are becoming aware, the price of “green” taxes and regulations is higher unemployment, lower tax revenues, and a rush to move production to Far Eastern nations.
Read Paul Kennedy’s assessment of the fate awaiting the United States as we recklessly pile unfunded debt upon unfunded debt.