NBC News recently reported what Rush Limbaugh and many others have been saying for some time now: The push for biofuels â€” in particular, ethanol â€” is a major factor in higher food prices. These high prices hurt not only Americans, but consumers worldwide.
This year roughly one-forth of the U.S. corn crop will go to make biofuels. Next year? As much as one-third will go for fuel, not food.
The impact is huge. Corn, in part because of other government subsidy and regulation, has become an ever-bigger part of the food supply. When prices go up, itâ€™s trouble â€” especially for the poor.
But itâ€™s worse than that. Ethanol is a big scam. Tough talk? No, just the facts, maâ€™am. Ethanol has been sold as a way to energy independence, as environmentally friendly, and as good for our economy. Three strikes.
Ethanol doesnâ€™t have much effect on foreign oil because it initially substitutes for more expensive domestic oil. Moreover, most environmentalists now insist that producing ethanol is worse, not better for the environment.
And ethanol is not good for the economy. If it provided real economic benefits, its use wouldnâ€™t have to be mandated, nor its production subsidized to the tune of $1 a gallon.
Soaking the taxpayers to wreck the environment and to increase hunger â€” with no gain in energy independence â€” well that just doesnâ€™t make any sense.
This is Common sense. Iâ€™m Paul Jacob.