Rolling Stone gets it right… for once

I just read an article over at Rolling Stone that actually makes sense.  Yeah, I know.  I was as shocked, too.

The article is about the monsterous ethanol boondoggle, and how it not only hurts the environment, but also drives up food prices the world over.  Maybe the left and right of our citizenry will finally come to an agreement on something.  That’s all peachy keen, but while we’re all singing Kum-Bah-Ya around the proverbial campfire, our elected officials will continue dumping billions into this money pit.

“[…]the whole point of corn ethanol is not to solve America’s energy crisis, but to generate one of the great political boondoggles of our time. Corn is already the most subsidized crop in America, raking in a total of $51 billion in federal handouts between 1995 and 2005 — twice as much as wheat subsidies and four times as much as soybeans. Ethanol itself is propped up by hefty subsidies, including a fifty-one-cent-per-gallon tax allowance for refiners. And a study by the International Institute for Sustainable Development found that ethanol subsidies amount to as much as $1.38 per gallon — about half of ethanol’s wholesale market price.”

“Three factors are driving the ethanol hype. The first is panic: Many energy experts believe that the world’s oil supplies have already peaked or will peak within the next decade. The second is election-year politics. With the first vote to be held in Iowa, the largest corn-producing state in the nation, former skeptics like Sens. Hillary Clinton and John McCain now pay tribute to the wonders of ethanol. Earlier this year, Sen. Barack Obama pleased his agricultural backers in Illinois by co-authoring legislation to raise production of biofuels to 60 billion gallons by 2030. A few weeks later, rival Democrat John Edwards, who is staking his campaign on a victory in the Iowa caucus, upped the ante to 65 billion gallons by 2025.”

No surprise, the ethanol love-fest that was birthed by the Carter administration in 1974 has mutated into nothing more than an election tool of our illustrious government officials (on both sides of the aisle).

Ethanol is a poster child for everything that is wrong with American politics today.  It is the epidomy of big government and their inability to make good, sound, economic decisions for their citizens.  I take that back… It is the epidomy of big government and their refusal to make sound, economic decisions for their citizens.

Read the entire article.

Hat tip to ‘In the Agora’

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