Tag Archives: political economy

Backwards

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Progressive-Democrat President Joe Biden has given in to the Venezuelan President Nicolás Maduro administration.

The Biden administration struck a deal Wednesday with Venezuela in which its socialist government will allowing [sic] more competitive elections in exchange for the US easing sanctions on the Venezuelan oil and gas sector.

This is backwards. The Venezuelan government should be required to hold—successfully and without incident—free elections before the sanctions get lifted. This order of events only puts more money int the hands of the thugs running the nation.

Unfortunately, this sort of foolish trust of thugs is all too typical of the Progressive-Democratic Party.

Federal Energy Subsidies

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Here are some data regarding the magnitude of favoritism the Federal government is displaying for one American industry over others. These are from the government’s own Energy Information Administration.

  • Renewable energy, led by wind and solar, received $15.6 billion in federal government subsidies in fiscal year 2022
  • natural gas and petroleum liquids industry received $2.3 billion
  • coal industry received $0.873 billion

“Green”-sourced energy is getting orders of magnitude more taxpayer money than are the far cheaper and reliable fossil fuel-sourced energy.

This is how much green energy is supported by taxpayer funds rather than by energy users with the rates they pay their utilities.

This is how desperate “green” energy pushers are for funding because of how far distant “green” energy is from being economically viable.

They Don’t Know What They’re Doing?

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Or is that they’re just riding the Climate Funding Industry Hobby Horse?

East Coast wind projects are in jeopardy after a decision by New York regulators Thursday to deny requests from renewable energy developers to charge customers billions of dollars more.
Offshore wind developers say they have been struggling against record inflation, supply chain issues, and interest rate hikes. Facing these pressures, Orsted, BP, and Equinor and other renewable developers requested that contracts for four offshore projects and 86 land-based projects be renegotiated, according to Reuters.
The offshore developers asked the New York Public Service Commission to alter its long term contracts and raise purchase prices to a level that would have let them collect an additional $38 billion from ratepayers.

They missed—badly—their initial financing and execution estimates, and they failed badly in their early adjustments following actual execution. The supply chain problems about which they complain have been extant since the depths of the Wuhan Virus situation. The inflation that has them in such an uproar has been a problem for the last three years. The rising interest rates have been an inevitable outcome of the inflation.

Do these guys—at the top of the top companies in their industry—really not know what they are doing?

Or are they just trying to rake in the money from their shadow industry of global warming hysteria funding, and some jurisdictions are starting to get tired of being taken for granted as cash cows?

False Choices

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The Wall Street Journal‘s Editors are correct that, as their subheadline says,

Helping Kyiv won’t rob weapons to fight Hamas or Hezbollah.

This is in response to some otherwise reasonably intelligent politicians insist on that false choice—that it’s either Ukraine or Israel. Senator Josh Hawley (R, MO), for instance:

Israel is facing existential threat. Any funding for Ukraine should be redirected to Israel immediately[.]

This is a foolishly false dichotomy, for all that, in Hawley’s case, it centers on his disdain for Ukraine and his lack of understanding of the threat the Russian barbarian hordes present.

The false choice representation is broader than that, though.

It’s also a false choice between either Israel or Ukraine, and our southern border, and it’s a false choice between any of those and supporting the Republic of China in deterring the People’s Republic of China or in fighting the PRC if they go ahead and invade.

What’s necessary—and more generally beneficial—is a reallocation of existing expenditures. That requires the Progressive-Democratic Party Representatives and Senators to either get out of the way or work with Republicans in a serious manner to do the reallocations.

It also requires timid Republican Senators to get out of the way or work seriously within their party and for the Republican House caucus to deal, with finality, with the Chaos Gang led by Florida’s Matt Gaetz and Texas’ Chip Roy and get serious about leading the House.

Racing to the Bottom

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So far, Ireland is winning, and that’s paying off big for the Irish.

In the past eight years, the country of five million has watched its corporate tax income triple to the tune of 22.6 billion euros last year, equivalent to almost $24 billion—giving it a budget surplus last year of a comfortable €8 billion euros when many governments are suffering from a postpandemic debt hangover.

And

Ireland became a hot spot for US companies by slashing its corporate tax rate from 40% to 12.5% starting in the late 90s, and offering a well-educated workforce and a tariff-free way into the European Union.

That’s a lower rate than the European Union wants, and it’s lower than the 15% tax, globally applied and agreed among some 136 countries, and that Yellen is so desperate to get the US trapped into.

The Irish, though, are raking in the tax revenues because of—not despite—their lower tax rate regime: they’re leaving business’ profits increasingly in the hands of those businesses for business use, they’re attracting foreign businesses, and all that lower tax-induced increasing economic activity produces, on net, more revenue for the Irish government.

This is the wealth and prosperity that Progressive-Democrat President Joe Biden, his Progressive-Democrat Treasury Secretary Janet Yellen, and the rest of the Progressive-Democratic Party cronies want to deny us ordinary Americans as they demand United States’ participation in a global tax cabal that lets the cabal avoid economic competition in favor of power.

One more thing: the Irish are considering throwing all of their prosperity into a cocked hat in favor of joining the high-tax cabal; they’ll do that at their own severe economic peril.