It seems that the road to Euro-social democracy has a few more potholes than our leaders anticipated, so long as the information age remains (largely) unrelgulated. Today's example comes as we recall the president's invitation to "look what's happening in countries like Spain (then, after that embarrassment, Denmark) and Germany" for his "green jobs" vision for economic enhancement and climate salvation.
Readers of this space were surely anticipating the German Wirtschaftswunder, having already read in detail the disastrous truths revealed about Spain and Denmark. To be of service, the independent, long-established, uber-credentialed and establishment economic think tank Rheinisch-Westfälisches Institut für Wirtschaftsforschung ("RWI")-Essen has produced a report (it has no specifically dedicated link, so go to English and you'll see it first item).
Here's what it says, in short form:
* If the objective is to create jobs, this is an extremely expensive way to do it. At $240,000 per "green job" created (ignoring for these purposes the jobs destroyed elsewhere in the economy), this manages to make the roundly derided "stimulus" look relatively effective. The administration there claims to have created thirty thousand jobs at a cost of hundreds of billions. Do the math. This is more than twice as futile/destructive.
* Besides, on net, as in other countries cited as examples by the president, there is no net job creation and, adhering to consensus economics, simply negative consequences spread out across all sectors of the economy.
* If the objective is to reduce CO2 emissions, it didn't. It failed. Miserably.
* If the objective is energy security, it failed. It has increased dependence on imported gas.
* If the objective is to produce electricity in a competitive or cost-effective fashion, in addition to having to pay for the capital twice ("green" electricity requires you to have the other stuff, the stuff that works, built and running anyway), the appx. 2.2 cents per kilowatt hour this added to Germany's already astronomical electricity prices would translate here into an average increase of nearly 20%, significantly higher in some states (see here for regional impacts).
Meanwhile, just as happened in Spain and Denmark after these truths were publicized, the German government has already publicly vowed to scale back the madness. But it is amazing to think that these are the arguments for this agenda.
It is even more incredible that the White House so insistently boasted of what upon a moment's scrutiny clearly are not successes, which is easily checked-out, as the models to follow. Maybe the "Chicago Way" that we're now seeing, with the enemies list effort against Fox News, the signature Axelrod "Astroturf" campaign being run in apparent coordination with his former "Astroturf" client the rent-seeking utility Exelon, and as exhibited when the Spanish academics saw the Department and NREL being sicced on them, assumes that all will know better than to check such whoppers out. Hate to see something happen.
As the wags at the Institute for Energy Research have noted, Mr. President, that's "strike three" (or "Uno, To, Drei", in order of Euro-flop).
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