Mr [Congressman Dave, R, WA] Reichert is co-sponsoring legislation to extend the PTC [Production Tax Credit] because the subsidies “reduce electricity costs and create jobs.”
But what jobs? Lower costs for whom? Who do you think pays that subsidy? Three years later, there still aren’t any in significant number. Electricity costs aren’t lower for the producers, and Reichert still hasn’t explained who’s paying for those subsidies (answer: we taxpayers are).
Mr [Congressman Steve, R, IA] King, who likes to advertise himself as a principled conservative, his line is that “Iowa is a wind energy success story” that only needs the federal government to “provide stable, low tax rates.”
Three years later, again left unanswered: if it’s so successful, why does it need federal subsidies? Why does it need subsidies at all? Why does it need continuation of subsidies as old as 1992—now 23 years on?
One need not literally seize the assets of businesses and install gov’t bureaucrats into management position to effectively nationalize those businesses. All it takes is to make them dependent on gov’t and/or direct their activities through regulatory constraints.
Or government subsidies.