LEGISLATION OF A ONCE-IN-A-LIFETIME SIZE
After listening to a bit of the news coverage today, all that came to mind to describe the shouting and rushing over the largest public investment project since Roosevelt were the first stanzas of Saint-Saëns' great "Organ" Symphony, in the finale, the Allegro Maestoso (the first 1:42 is what you need, Charles Munch conducting - 250Watts or better recommended :-), although if you want to show off your system, go with this version):
Hearing the GOP talk about dashing the next generation with debt could make any sane person's head explode. It's like the ultimate flip-flop for them, to the tune of trillions of dollars and the ruin of the Republic.
Meanwhile, the spendy ruling class is showing off their cauldron of ... mismashed together 'projects'.
Does this sound like something concrete enough for a ... legacy project, something you would rest the entire Obama-Biden success on?
After reading this, I have no idea exactly what will be _built_ after this project is complete.
Bush, et. al., voted billions for energy research, so ... do we need more laboratories? It would appear that direction and coordination are more important to having this money produce the hoped for results, on that score.
From speaker.gov, the selling points [after the jump]:
Smart Grid /Advanced Battery Technology/Energy Efficiency ($32 billion)
- Transforms the nation’s electricity systems through the Smart Grid Investment Program to modernize the electricity grid to make it more efficient and reliable. This will jumpstart smart grid demonstration projects in geographically diverse areas, increase federal matching grants for smart grid technology (20% to 50%) including “Smart Meters” that give consumer more choice in their energy consumption at home, and spur research and development. Build new power lines that can transmit clean, renewable energy from sources throughout the nation.
- Creates temporary loan guarantees for up to $80 billion for renewable energy power generation and electric transmission projects that begin in the next two years. These would help ease credit constraints for renewable energy investors and spur new private sector investment over the next three years.
- Supports U.S. development of advanced vehicle batteries and battery systems through loans and grants so that America can lead the world in transforming the way automobiles are powered. Also includes other initiatives to promote the use of alternative fuel vehicles by federal state and local governments.
- Helps state and local governments make investments for innovative best practices to achieve greater energy efficiency and reduce energy usage, including building and home energy conservation programs, energy audits, fuel conservation programs, building retrofits, and "Smart Growth" planning and zoning. Also encourages states to adopt updated energy-efficient building codes and regulatory policies to encourage utility-sponsored gains in energy efficiency.
- Spurs energy efficiency and renewable energy research, development, demonstration, and deployment activities at universities, companies, and national laboratories to foster energy independence, reduce carbon emissions, and cut utility bills.
- Provides consumer rebates to buy energy efficient appliances to replace old ones to lower energy bills.
- Makes key investments in carbon capture and sequestration technology demonstration projects to work toward making coal part of the solution and reducing the amount of carbon dioxide emitted from industrial facilities and fossil fuel power plants.
I'm surprised by Paul Krugman's take on the timing of the money is "That’s not at all bad."
Unless there is a framework that suggests how long it is going to take banks to stop tamping on consumers, housing markets to clear poorly underwritten debts and adjust to new price levels, then what exactly is the analytical framework that suggests this program is well designed to suit the underlying problems of restrained demand?
'Early is better'? 'Lags aren't all that bad, in context', even ignoring how much "guess" is in the CBO's spend-timing guesstimates? Is that all we've got?
Maybe.
Afterall, the media, the pundits, the editorial pages, and more plunged us into the Iraq debt-spending spree on less, arguably...
