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On Monday, the Dow Jones Industrial Average gained 214 points on better than expected housing reports.
Phew! Looks like we are starting to turn things around.
But here's the one thing: We are rebuilding our economy as another house of cards on a new pile of sand.
China is now the real Bank of America, but unfortunately the only thing worse than China buying our debt, is China notbuying our debt. And that's what is happening. China has drastically cut their purchase of our bonds, which is a lot like your bank cutting up your credit card.
Yet instead of us sitting back and saying, '"Maybe this is a sign that I should start managing my finances a little better," we lie to ourselves that we just go out and find another card.
Our government has sold us the lie that spending is the same as investing and they're leading by example. A hundred billion here, 500 billion there — what's the difference? The average American now has five credit cards and the average American household has over $10,000 in credit card debt.
Even the media plays along. A recent Forbes.com article titled "10 Things to Buy Before the Economy Improves" talks about buying a house, a car, toys, diamonds, furniture, televisions and women's clothing all while prices are allegedly so low.
Yet whenever I ask the experts — economists, professors, even politicians — how we pay for all of this, I'm met with either silence or an expression that roughly translates into: "Oh silly Glenn, don't you worry, there are very smart people figuring all of that out right now."
In other words: No one has an answer. And if you think you have the answer send me an e-mail and I will give you national TV time to explain it. But man, it better make sense!
I know that people seem to think conservatives want government spending to be zero, but that's a lie. I believe in investing in America, but it has to be in projects that can reshape us back into world leaders. You want to spend a trillion on a Manhattan Project to develop a new clean, cheap source of energy? So long as that money stays here in America — sign me up.
Rupert Murdoch, the head of the company that owns FOX News Channel, recently said that we are in a time when, "nations will be redefined." I completely agree, but instead of redefining ourselves the way we did after World War II, we're running right back to the pile of sand.
The Obama administration says we are going to rebuild our economy on "green" jobs and it's not just talk. The stimulus bill has more than $20 billion for investment in a "cleaner, greener economy" and another $500 million for "green" job training. And the Obama administration is predicting it will create or save 5 million green jobs in 10 years.
Sounds terrific, until you start to look at those pesky things called "facts."
Durango, Colorado has bought all of their electricity for their government buildings from wind farms for the past two years. Problem is that it costs so much they'd have to lay someone off to stay "green." They've now gone back to coal.
Instead of blindly pouring cement into this new pile of sand, maybe we should take notice of what's happened to other countries that have tried the things we're suddenly so excited about:
"Cap and trade"? A failure in Europe.
The Kyoto Treaty? A failure almost everywhere around the world.
And "green jobs"? Well, for how that's worked out in real life, just look to Spain.
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Green Stimulus Money Costs More Jobs Than It Creates, Study Shows
President Barack Obama exits Air Force One. (AP Photo)
(CNSNews.com) - Every “green job” created with government money in Spain over the last eight years came at the cost of 2.2 regular jobs, and only one in 10 of the newly created green jobs became a permanent job, says a new study released this month. The study draws parallels with the green jobs programs of the Obama administration.
President Obama, in fact, has used Spain’s green initiative as a blueprint for how the United States should use federal funds to stimulate the economy. Obama's economic stimulus package,which Congress passed in February, allocates billions of dollars to the green jobs industry.
But the author of the study, Dr. Gabriel Calzada, an economics professor at Juan Carlos University in Madrid, said the United States should expect results similar to those in Spain:
"Spain’s experience (cited by President Obama as a model) reveals with high confidence, by two different methods, that the U.S. should expect a loss of at least 2.2 jobs on average, or about 9 jobs lost for every 4 created, to which we have to add those jobs that non-subsidized investments with the same resources would have created,” wrote Calzada in his report: Study of the Effects on Employment of Public Aid to Renewable Energy Sources.
Obama repeatedly has said that the United States should look to Spain as an example of a country that has successfully applied federal money to green initiatives in order to stimulate its economy.
“Think of what’s happening in countries like Spain, Germany and Japan, where they’re making real investments in renewable energy,” said Obama while lobbying Congress, in January to pass the American Recovery and Reinvestment Act. “They’re surging ahead of us, poised to take the lead in these new industries.”
“Their governments have harnessed their people’s hard work and ingenuity with bold investments — investments that are paying off in good, high-wage jobs — jobs they won’t lose to other countries,” said Obama. “There is no reason we can’t do the same thing right here in America. … In the process, we’ll put nearly half a million people to work building wind turbines and solar panels; constructing fuel-efficient cars and buildings; and developing the new energy technologies that will lead to new jobs, more savings, and a cleaner, safer planet in the bargain.”
Included in the stimulus package, for example, was $4.5 billion to convert government buildings into high-performance green buildings.
According to the Calzada’s study, Spain is a strong example of the government spending money on green ideas to stimulate its economy.
“No other country has given such broad support to the construction and production of electricity through renewable sources,” says the report. “The arguments for Spain’s and Europe’s ‘green jobs’ schemes are the same arguments now made in the U.S., principally that massive public support would produce large numbers of green jobs.”
But in the study’s introduction Calzada argues that the renewable jobs program hindered, rather than helped, Spain’s attempts to emerge from its recession.
“The study’s results show how such ‘green jobs’ policy clearly hinders Spain’s way out of the current economic crisis, even while U.S. politicians insist that rushing into such a scheme will ease their own emergence from the turmoil,” says Calzada. “This study marks the very first time a critical analysis of the actual performance and impact has been made."
Pat Michaels, professor of environmental sciences at the University of Virginia and senior fellow in environmental studies at the Cato Institute, a free market group, told CNSNews.com that the study’s conclusions do not surprise him. He added that the United States should expect similar results with the stimulus money it spends on green initiatives.
“There is no reason to think things will be any different here,” Michaels said. “In the short run you have to ask who is doing the hiring, and in the long run how efficient is it to have people serving technology such as windmills. We are creating inefficiencies.”
Michaels also said he was not surprised by the study’s finding that only one out of 10 jobs were permanent.
“That doesn’t surprise me,” said Michaels. “When we see how imperfect wind energy is and how expensive it is to maintain -- I think many of those jobs will become impermanent here in the U.S. as well.”
Josiah Ryan
CNSNews
April 13, 2009
Watch "Glenn Beck" weekdays at 5 p.m. ET on FOX News Channel
Green Stimulus Money Costs More Jobs Than It Creates, Study Shows
President Barack Obama exits Air Force One. (AP Photo)
(CNSNews.com) - Every “green job” created with government money in Spain over the last eight years came at the cost of 2.2 regular jobs, and only one in 10 of the newly created green jobs became a permanent job, says a new study released this month. The study draws parallels with the green jobs programs of the Obama administration.
President Obama, in fact, has used Spain’s green initiative as a blueprint for how the United States should use federal funds to stimulate the economy. Obama's economic stimulus package,which Congress passed in February, allocates billions of dollars to the green jobs industry.
But the author of the study, Dr. Gabriel Calzada, an economics professor at Juan Carlos University in Madrid, said the United States should expect results similar to those in Spain:
"Spain’s experience (cited by President Obama as a model) reveals with high confidence, by two different methods, that the U.S. should expect a loss of at least 2.2 jobs on average, or about 9 jobs lost for every 4 created, to which we have to add those jobs that non-subsidized investments with the same resources would have created,” wrote Calzada in his report: Study of the Effects on Employment of Public Aid to Renewable Energy Sources.
Obama repeatedly has said that the United States should look to Spain as an example of a country that has successfully applied federal money to green initiatives in order to stimulate its economy.
“Think of what’s happening in countries like Spain, Germany and Japan, where they’re making real investments in renewable energy,” said Obama while lobbying Congress, in January to pass the American Recovery and Reinvestment Act. “They’re surging ahead of us, poised to take the lead in these new industries.”
“Their governments have harnessed their people’s hard work and ingenuity with bold investments — investments that are paying off in good, high-wage jobs — jobs they won’t lose to other countries,” said Obama. “There is no reason we can’t do the same thing right here in America. … In the process, we’ll put nearly half a million people to work building wind turbines and solar panels; constructing fuel-efficient cars and buildings; and developing the new energy technologies that will lead to new jobs, more savings, and a cleaner, safer planet in the bargain.”
Included in the stimulus package, for example, was $4.5 billion to convert government buildings into high-performance green buildings.
According to the Calzada’s study, Spain is a strong example of the government spending money on green ideas to stimulate its economy.
“No other country has given such broad support to the construction and production of electricity through renewable sources,” says the report. “The arguments for Spain’s and Europe’s ‘green jobs’ schemes are the same arguments now made in the U.S., principally that massive public support would produce large numbers of green jobs.”
But in the study’s introduction Calzada argues that the renewable jobs program hindered, rather than helped, Spain’s attempts to emerge from its recession.
“The study’s results show how such ‘green jobs’ policy clearly hinders Spain’s way out of the current economic crisis, even while U.S. politicians insist that rushing into such a scheme will ease their own emergence from the turmoil,” says Calzada. “This study marks the very first time a critical analysis of the actual performance and impact has been made."
Pat Michaels, professor of environmental sciences at the University of Virginia and senior fellow in environmental studies at the Cato Institute, a free market group, told CNSNews.com that the study’s conclusions do not surprise him. He added that the United States should expect similar results with the stimulus money it spends on green initiatives.
“There is no reason to think things will be any different here,” Michaels said. “In the short run you have to ask who is doing the hiring, and in the long run how efficient is it to have people serving technology such as windmills. We are creating inefficiencies.”
Michaels also said he was not surprised by the study’s finding that only one out of 10 jobs were permanent.
“That doesn’t surprise me,” said Michaels. “When we see how imperfect wind energy is and how expensive it is to maintain -- I think many of those jobs will become impermanent here in the U.S. as well.”
President Obama, in fact, has used Spain’s green initiative as a blueprint for how the United States should use federal funds to stimulate the economy. Obama's economic stimulus package,which Congress passed in February, allocates billions of dollars to the green jobs industry.
But the author of the study, Dr. Gabriel Calzada, an economics professor at Juan Carlos University in Madrid, said the United States should expect results similar to those in Spain:
"Spain’s experience (cited by President Obama as a model) reveals with high confidence, by two different methods, that the U.S. should expect a loss of at least 2.2 jobs on average, or about 9 jobs lost for every 4 created, to which we have to add those jobs that non-subsidized investments with the same resources would have created,” wrote Calzada in his report: Study of the Effects on Employment of Public Aid to Renewable Energy Sources.
Obama repeatedly has said that the United States should look to Spain as an example of a country that has successfully applied federal money to green initiatives in order to stimulate its economy.
“Think of what’s happening in countries like Spain, Germany and Japan, where they’re making real investments in renewable energy,” said Obama while lobbying Congress, in January to pass the American Recovery and Reinvestment Act. “They’re surging ahead of us, poised to take the lead in these new industries.”
“Their governments have harnessed their people’s hard work and ingenuity with bold investments — investments that are paying off in good, high-wage jobs — jobs they won’t lose to other countries,” said Obama. “There is no reason we can’t do the same thing right here in America. … In the process, we’ll put nearly half a million people to work building wind turbines and solar panels; constructing fuel-efficient cars and buildings; and developing the new energy technologies that will lead to new jobs, more savings, and a cleaner, safer planet in the bargain.”
Included in the stimulus package, for example, was $4.5 billion to convert government buildings into high-performance green buildings.
According to the Calzada’s study, Spain is a strong example of the government spending money on green ideas to stimulate its economy.
“No other country has given such broad support to the construction and production of electricity through renewable sources,” says the report. “The arguments for Spain’s and Europe’s ‘green jobs’ schemes are the same arguments now made in the U.S., principally that massive public support would produce large numbers of green jobs.”
But in the study’s introduction Calzada argues that the renewable jobs program hindered, rather than helped, Spain’s attempts to emerge from its recession.
“The study’s results show how such ‘green jobs’ policy clearly hinders Spain’s way out of the current economic crisis, even while U.S. politicians insist that rushing into such a scheme will ease their own emergence from the turmoil,” says Calzada. “This study marks the very first time a critical analysis of the actual performance and impact has been made."
Pat Michaels, professor of environmental sciences at the University of Virginia and senior fellow in environmental studies at the Cato Institute, a free market group, told CNSNews.com that the study’s conclusions do not surprise him. He added that the United States should expect similar results with the stimulus money it spends on green initiatives.
“There is no reason to think things will be any different here,” Michaels said. “In the short run you have to ask who is doing the hiring, and in the long run how efficient is it to have people serving technology such as windmills. We are creating inefficiencies.”
Michaels also said he was not surprised by the study’s finding that only one out of 10 jobs were permanent.
“That doesn’t surprise me,” said Michaels. “When we see how imperfect wind energy is and how expensive it is to maintain -- I think many of those jobs will become impermanent here in the U.S. as well.”
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