Wednesday, June 16, 2010

Funniest Line of the Day - John Kerry Edition

Sen. Kerry was asked about the loss of jobs in Spain due to the cap and trade program they implemented. 

“You have some anomalies in some countries where they began slowly. They didn’t have the right incentives, they over-subsidized a couple of different things-- we’ve learned something from some of those mistakes, but I’m confident that the way we’re approaching this is really private sector determined. That’s the key here.”

He went on to say that we should use the German model.  Too bad that the reports for Germany are no better than for Spain:

"While employment projections in the renewable sector convey seemingly impressive prospects for gross job growth, they typically obscure the broader implications for economic welfare by omitting any accounting of off-setting impacts. These impacts include, but are not limited to, job losses from crowding out of cheaper forms of conventional energy generation, indirect impacts on upstream industries, additional job losses from the drain on economic activity precipitated by higher electricity prices, private consumers' overall loss of purchasing power due to higher electricity prices, and diverting funds from other, possibly more beneficial investment."

Via Washington Times

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