The Green Subsidy Scam

The U.S. government has been providing subsidies for green energy projects since the 1970s, starting with the Public Utilities Regulatory Policy Act of 1978. These subsidies were intended to reduce the country's reliance on Middle East oil. Over the years, subsidies have been extended and expanded, including the creation of a production tax credit for wind power and biomass generation in the Energy Policy Act of 1992. The Inflation Reduction Act has further extended and increased these subsidies, which now include "green" hydrogen, battery storage facilities, and carbon capture facilities. Despite these subsidies, there is little evidence that they have significantly reduced greenhouse gas emissions, as the decrease in emissions is primarily due to natural gas replacing coal in electricity generation. The growth of subsidized wind and solar generation has also distorted wholesale electric markets, leading to the need for additional subsidies to keep existing nuclear plants operational. The economic costs of these subsidies are borne by taxpayers, electric ratepayers, and drivers, who pay more for gasoline and diesel fuel due to the production of subsidized biofuels. These higher costs ripple through the entire economy, reducing economic growth and destroying jobs. Instead of rewarding established industries, the government should focus subsidies on true research and development efforts for new clean energy technologies, such as advanced and small modular nuclear reactors. With the country in deep debt, continuing to waste hundreds of billions of dollars on green energy subsidies is no longer a viable solution.