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Wednesday, September 23, 2015

'Grinding the American Empire Down' - How to Lower U.S. Living Standards.

'Grinding the American Empire Down' - How to Lower U.S. Living Standards. (WSJ).

California Gov. Jerry Brown has a vision: When it comes to greenhouse-gas emissions, he wants his fellow Californians to emulate North Koreans. Meanwhile, many of Mr. Brown’s fellow Democrats—including President Obama, Hillary Clinton and Bernie Sanders—will settle for putting Americans on a par with residents of Mexico.

That’s the essence of the climate-change agenda of America’s most prominent Democrats. They have pledged to cut carbon-dioxide emissions by 80% by 2050, (aka 80 by 50). Their plan will take those emissions to levels that are common today in countries far poorer than the U.S.

What would 80 by 50 cost? None of the Democrats has provided a cost estimate, but we can get an idea by looking at Germany, which has set a goal of getting 80% of its energy from renewables by 2050.

Germany has already spent $100 billion on subsidies for renewables and its environment minister, Peter Altmaier, has estimated that hitting its 80 by 50 target will require spending another $1.3 trillion over the next two decades. The U.S. economy is four times as large as Germany’s, and U.S. energy consumption is seven times as large. Reaching 80 by 50 in the U.S. would likely cost more than $5 trillion. For reference, the cost of ObamaCare over the next decade is projected at $1.2 trillion.

In short, America’s highest-profile Democrats, including the leading contenders for the White House, have endorsed a climate agenda that will cost far more than ObamaCare. Yet not one of them or their green allies have provided a credible plan—meaning one that doesn’t include lots of nuclear energy—for achieving such draconian reductions without wrecking the economy. These Democrats can’t provide a scenario for achieving 80 by 50—a plan that is affordable and technically viable—for a simple reason: Such a scenario doesn’t exist. Hmmm......And this is how you destroy an Empire, while Iran, China and India rise , who by the way don't give a damn about 'Glo[BULL]warming'.Read the full story here.

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