Wasting a Trillion Dollars to "Prevent" Global Warming Is Stifling Economic Recovery

Last March 29, 2012, the President of the United States told two untruths when he called on the Congress to end taxpayer giveaways to the oil industry and instead to double-down on investments in clean energy industries “that have never been more promising”.

The first untruth is that we have been giving special benefits to the oil industry. That would only be true if one includes the industry’s “social costs”, the costs of pollution from emissions from the burning of fossil fuels, but not if you also include the “social benefits” which environmental extremists always ignore. Indeed, the “social costs” have not been very costly while the “social benefits” have been enormous. The alleged social costs include health effects while the evidence is clear that we are living longer healthier lives. The industrial revolution which raised living standards throughout the world was made possible by plentiful and cheap fossil fuels.

The huge expenditures and costs placed on households and businesses by the government (EPA et al) and so-called clean air laws have had no measurable effect on climate change. Indeed, a growing number of physicists, geologists, archeologists¸ and other climate change scientists reject the “undeniable” anthropogenic or man-made global warming (AGW) theory and argue that natural forces, especially the sun’s magnetic disturbances and their effect on the amount of cosmic rays reaching the earth, are more likely the major cause of climate change. An experiment is under way at CERN, the world’s foremost nuclear laboratory to test that hypothesis. The world is spending trillions of dollars on the basis of unproven AGW theory. Read More