brookings.edu
The misguided effort to transition the US economy away from fossil fuels to renewable electricity generation via wind turbines, solar panels and green hydrogen along with carbon capture and sequestration will, even if physically successful, cause an incredible drop in the US standard of living and a monstrous decline in economic activity.
This is because literally trillions of dollars in wealth will need to be transferred to those making changes in energy production to what will inevitably be more expensive on a daily basis. Everything will become more expensive and there will be less money available for consumer purchases because family discretionary budgets will be decimated by energy costs. Fewer clothes dryers, crock pots, football tickets, bottles of tequila, condoms, dental services, on-line newspaper subscriptions, flash lights and used cars will be sold because money will have been diverted to erecting offshore wind turbines and fields of solar panels. Such an event is known as a depression.
The mystery here is how the guys that actually run things, the upper level of the business community, can allow this to take place, since it will be a catastrophe for them as well as the proles. In a consumer society there must be enthusiastic consumers whose purchases turn the gears of commerce. Money must have volatility, it must change hands on a daily basis. Borrowing and credit cards won't make up for acres of solar panels bought with more taxes and higher electric rates. It will be interesting to see if there are riots by local chambers of commerce in the months to come.
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