The green movement sounds so good, when you listen to most of the media. They tell us that the green movement is full of selfless heroes. They say that clean energy will help save the planet and create jobs. Much of the public believes, and President Obama is spending lots of your money on subsidies for “clean” energy. This is pie-in-the-sky nonsense.
I will talk about this on Thursday’s FBN show, and I write about it in my syndicated column this week.
Anyone who understands basic economics already knows that President Obama's $2.3 billion green-jobs initiative was snake oil. Now, thanks to Kenneth P. Green, we have statistics as well as theory to prove it.
In a new article, "The Myth of Green Energy Jobs: The European Experience", the environmental scientist and a resident scholar at the American Enterprise Institute writes,
"Green programs in Spain destroyed 2.2 jobs for every green job created, while the capital needed for one green job in Italy could create almost five jobs in the general economy."
Ironically, Obama boasts his initiative "will help close the clean-energy gap between America and other nations" But Green, who will be on my Fox Business show this week, says, "Countries are cutting these programs because they realize they aren't sustainable and they are obscenely expensive."
Obama claims that if we "invest" more, "the transition to clean energy has the potential to grow our economy and create millions of jobs -- but only if we accelerate that transition."
What could make more sense? A little push from the smart politicians and -- voila! -- we can have an abundance of new good-paying jobs and a cleaner, sustainable environment. It's the ultimate twofer.
Except it's an illusion, as economic logic demonstrates.
I hope my column explains that logic. Tune in to Fox Business tomorrow at 9pm and midnight for more.