The First Article to mention the 'M' word

IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor’s Business Daily — Undoing America’s Ethanol Mistake

Today I have just read what may well be the first article that mentions a word that most politicians fear to utter.

‘Mistake’

It is precisely that word that Sen. Jay Bailey Hutchison has uttered when discussing the folly of the US embarking on the biofuels crusade.

The Nobel Prize-winning economist Milton Friedman once said, “One of the great mistakes is to judge policies and programs by their intentions rather than their results.”

When Congress passed legislation to greatly expand America’s commitment to biofuels, it intended to create energy independence and protect the environment.

But the results have been quite different. America remains equally dependent on foreign sources of energy, and new evidence suggests that ethanol is causing great harm to the environment.

This precisely what I and many others have been trying to tell the foolish believers in “Climate Change” and politicians too afraid to take opposing views alike. It simply won’t work. Milton Friedman has been proven right yet again. However the great “Climate Change” swindle and furore is only now being seen for what it is. A complete folly doomed to failure.

On Dec. 19, 2007, President Bush signed into law the Energy Independence and Security Act. This legislation had several positive features, including higher fuel standards for cars and greater investment in renewable energies such as solar power.

However, the bill required a huge spike in the biofuel production requirement, from 7.5 billion gallons in 2012 to 36 billion in 2022.

This was a well-intentioned measure, but it was also impractical. Nearly all our domestic corn and grain supply is needed to meet this mandate, robbing the world of one of its most important sources of food.

We are already seeing the ill effects of this measure. Last year, 25% of America’s corn crop was diverted to produce ethanol. In 2008, that number will grow to 30%-35%, and it will soar even higher in the years to come.

Furthermore, the trend of farmers supplanting other grains with corn is decreasing the supply of numerous agricultural products. When the supply of those products goes down, the price inevitably goes up.

Subsequently, the cost of feeding farm and ranch animals increases and the cost is passed to consumers of beef, poultry and pork products.

Since February 2006, the price of corn, wheat and soybeans has increased by more than 240%. Rising food prices are hitting the pockets of lower-income Americans and people who live on fixed incomes.

As a result of this insane plunge towards so called energy infependence, not only in the US but also in most supposedly “enlightened” Western Democracies we have seen the first food riots in many places including Mexico, Pakistan and Indonesia.

As a recent Time cover story pointed out, biofuel mandates increase greenhouse gasses and create incentives for global deforestation.

In the Amazon basin, huge swaths of forest are being cleared to meet the growing hunger for biofuels.

In addition, relief organizations are facing gaping shortfalls as the cost of food outpaces their ability to provide aid for the 800 million people who lack food security.

Finally the Senator says she will introduce legislation to freeze the US march on biofuels. Finally a politician who will admit that she made a mistake. Now we welcome other politicians to put there heads above the parapet and weather the storm of criticism from the zealots and disciples of “climate change” and also say they made a mistake and we are going to stop this folly, right here and right now.

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