California’s Economic (Green) Suicide

October 26, 2011 09:32

The question is why — in the face of evidence that the prospect of imminent doom from man-caused weather danger is on overhyped scam based on doctored data — California risks repeating the sad experience of Spain.

From IBD Editorials


…. California Air Resources Board establish the nation’s first state-run cap-and-trade regime.

The only thing it will cap is economic growth by bleeding a patient that is already hemorrhaging red ink.

A 2009 study by economists at the California State University, Sacramento, commissioned by the California Small Business Roundtable, found the legislation would result in “a total loss of (economic) output of $182.649 billion annually,” with an estimated impact on small businesses alone of 1.1 million jobs. This in a state with a 12.1% unemployment rate.

The experience of Spain and other countries is that the purported creation of “green jobs” destroys real jobs through diversion of economic resources and denial of abundant sources of fossil fuel energy. As California businesses and energy producers shift resources from job creation and energy production to buy pieces of paper, the state is doomed to the insanity of repeating Spain’s mistake and expecting a different result.


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