Green Fantasies turning into Green Nightmares

John Stossel’s commentary, “The White House’s Green-Jobs Fantasies,” draws attention to a policy paper by American Enterprise Institute’s Kenneth P. Green, “The Myth of Green Energy Jobs: The European Experience.”

Green’s study shows the failure of several EU countries to create jobs via their substantial commitments to renewable energy.

Stossel said:

“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.”

My previous post “Spain’s Solar Energy Crisis” described how budget constraints in Spain are forcing the country to cut back subsidies for households that put solar panels on their roofs. It shows how easily government promises can be broken – leaving the homeowner to absorb the high costs of installing solar technology.

Promises are not only broken in Spain: the District of Columbia recently canceled financial support to residents who were encouraged to put solar panels on their homes. The Washington Post story, “D.C. reneges on aid to install solar panels,” provides the details.

Apparently, green fantasies are turning into citizens’ nightmares on both sides of the Atlantic Ocean.