Let tax credit finally expire
Finding and pursuing a cause dear to the hearts of liberal politicians has become the newest get-rich-quick scheme in the United States. Thanks to the unwilling and unwitting generosity of taxpayers, it is a lucrative strategy.
“Alternative” energy has been a gold mine for some during the administration of President Barack Obama. Enormous solar- and wind-power projects that would lose money hand-over-fist ordinarily are converted to money makers because of billions of dollars in government subsidies.
Taxpayers now have an opportunity to flip the “off” switch on wind power subsidies. The government’s Production Tax Credit for wind power companies will expire at the end of the year.
Actually, the PTC should have expired a year ago. Liberals in Congress managed to push through a one-year extension – at a cost to taxpayers estimated by some analysts at $12 billion.
While Obama’s administration does all it can to eliminate reasonably priced electricity from coal, it pours billions of dollars into solar- and wind-power failures. Remember Solyndra, the California solar power company that went bankrupt even after getting more than $500 million from taxpayers?
It’s time to stop the craziness. The PTC should not be extended.