by Benjamin Zycher
American Enterprise Institute
January 27, 2014
Earlier this month, 60 Minutes broadcast a report on the string of failures endured by taxpayers under various Department of Energy subsidy programs for “clean” and “renewable” energy, a political/bureaucratic effort comprising subsidized loans, grants, price supports, tax credits, guaranteed market shares, and other such subventions, all authorized by Congress. Clean and renewable” energy has proven so costly and so uncompetitive that even the Europeans are backing away from their own mandates rapidly. The basic reality—one that cannot be neutralized by any amount of Beltway blather—is that “clean and renewable” energy in almost all of its manifestations is far too expensive and unreliable to compete. That is what explains the endless failures of the federal subsidy programs, that is what drives the 60 Minutes report, and that is the underlying truth that lays waste to the rationalizations offered by the DOE propaganda machine and its apologists.

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