Monday, December 12, 2011

A Mess Only Congress Can Create

From The Wall Street Journal, "The Cellulosic Ethanol Debacle: Congress mandated purchase of 250 million gallons in 2011. Actual production: 6.6 million."
To recap: Congress subsidized a product that didn't exist, mandated its purchase though it still didn't exist, is punishing oil companies for not buying the product that doesn't exist, and is now doubling down on the subsidies in the hope that someday it might exist. We'd call this the march of folly, but that's unfair to fools.

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