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October 4, 2008

My Kind of Pork: Renewable Energy Credits

Category: Economics,Political,Technology – Tom Harrison – 8:41 pm

I Mean it in the Best Possible Way

I Mean it in the Best Possible Way

This week’s bailout/rescue was a pig for sure, and before it got passed it got even more porky in the application of several coats of lipstick. None of the add-on’s were in themselves bad in particular. But the timing was terrible; at a moment when people are conscious of the government’s sheer magnitude, we managed to add on another 100 billion dollars of so.

But I suppose that one man’s pork is another man’s passion, to paraphrase most terribly. And in the case of this bill, tax credits for renewable energy were … renewed. And unlike several other add-on’s, this one makes sense, in context.

In particular, the effects of the financial crisis on green energy products is pretty much a bad thing, as far as I can see. Adam Stein of TerraPass wrote a good piece on impacts on clean energy several weeks ago.

As we’re (finally) getting more serious about alternative energy, the size of projects is getting bigger, and bigger (and the biggest). These are capital intensive projects: in other words, lots of investment is required. That’s not a good kind of project to be involved in when capital is not flowing and investments are being made in T-Bills and gold.

So even though it’s straight-up pork, I am pleased that the Senate, then House has added these credits to our budget. At leat this is money well spent (unlike the other $700B which is just paying back money ill-spent).

1 Comment

  1. It’s just too bad it took such a mess to make us take a serious look at alternative energy options. What do you suppose an individual’s personal finances would look like if they ran them the way the government has run things?

    Comment by Mike — November 1, 2008 @ 9:49 am

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