The current spike in food prices could have been easily avoided. That is, assuming the people promoting biofuels knew (or cared) about basic economics.
Investor’s Business Daily: Undoing America’s Ethanol Mistake BY SENATOR KAY BAILEY HUTCHISON
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.
In recent weeks, the correlation between government biofuel mandates and rapidly rising food prices has become undeniable. At a time when the U.S. economy is facing recession, Congress needs to reform its “food-to-fuel” policies and look at alternatives to strengthen energy security.
Filed under: Everything Else , Environmentalism, ethanol
