Innovation is one of the things that has made America great. In a free market economy, innovators can reap the rewards of their inventions because a good invention will sell. It doesn’t even have to be particularly useful–for example the hula hoop. Many of us had a lot of fun with that invention, the inventor made millions, and everyone was happy. That is how the free market works. The good inventions succeed, progress is made, and everyone moves forward. Congress has other ideas.
Yesterday Investors.com posted an article on Congress’ latest adventure in crony capitalism. Unfortunately, Republicans and Democrats are both involved in this latest attack on the free market.
The article explains:
“But HR 1380, sponsored at last count by 105 Democrats and 83 Republicans, is another government intervention in the free market. Instead of getting government out of the way of innovators, it would give a tax credit for up to 80% of the purchase cost of a natural gas vehicle — with a cap dependent on the car’s weight, $8,000 for passenger cars and up to $64,000 for heavy trucks — to get more gas-powered vehicles on the road.
“It so happens that a company called Westport Innovations is a leading provider of technology that allows engines to operate on clean-burning fuels such as compressed natural gas and would be expected to benefit from HR 1380’s huge allocation of taxpayer dollars.”
The article goes on to mention that one of the major stockholders in Westport Innovations is George Soros. Mr. Soros also profitted handsomely from his investment in Petrobras. The details of that escapade were reported at rightwinggranny on December 8, 2009. Unfortunately, this is not a new thing.
The article at Investors.com also points out:
“HR 1380 effectively puts an end to all challenges to the EPA’s regulatory dictates in a section (403) that says EPA “regulations should take into account the petroleum reductions provided by such vehicles and also quantify all greenhouse-gas emission reductions.” As such, HR 1380 would give the unelected bureaucracy at the EPA a blank check to control all U.S. energy production and consumption.”
I am not opposed to ‘green energy;’ however, I believe that a free market brings out the best ideas. A government controlled market does not result in the kind of energy innovation we need at this time. If we really want to see ‘green energy’ become a practical part of America’s energy program, we need to get the government out of the energy marketplace and let the innovators take over (and make a profit). There is nothing wrong with profit–our economy depends on it!