‘Greenbacks’ Energy Boondoggles v. Real Energy

Having had it with $4-per-gallon gasoline and the Obama Administration’s squandering billions of taxpayer dollars on phony “green” energy schemes, angry voters have told their senators “Enough!” Their calls provided sufficient spinal implants in enough senators to defeat three proposals to extend the wind energy “production tax credit” (PTC). The credit gives wind project developers taxpayer greenbacks whenever they generate high-priced electricity, even if there is no market for the power at the time it’s generated. Worse, the PTC is paid on top of other subsidies, fast-tracking of wind projects through environmental review processes, and exemptions from endangered species, migratory bird and other laws. Confronted by the gale of public outrage, Senate Democrats tried a new tack. They offered an amendment that would eliminate various tax deductions for five major oil companies, turn the supposed new revenue stream into more subsidies for wind turbine, solar panel and electric car makers — and use any leftover crumbs to “pay down” the skyrocketing budget deficit they helped engineer.

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