Read here and here. The U.S. Senate has overwhelmingly voted to end the lucrative ethanol corporate welfare scheme. The two largest supporters of this billions-of-dollars per year welfare scam are President Obama and presidential hopeful Mitt Romney and both remained loyal to the bitter end. Their support was primarily due to pandering for Iowa votes and for immense contributions from the ethanol industry.
Originally, politicians embraced ethanol subsidies as a supposed means to reduce global warming and to provide energy independence, plus Obama's team claimed the subsidy would increase the nation's "green job" employment. As this corporate welfare program continued to suck money out of taxpayer wallets, it became obvious that ethanol production/use had no discernible impact on global warming or energy independence or overall employment.
Other than Obama and Romney, the majority of politicians from both parties decided it was time for this brain-dead corporate welfare subsidy to end. When true leadership was required to stare down the pigs at the government trough, neither party's major candidate had the spine to do so.
"Agriculture Secretary Tom Vilsack called Thursday’s Senate vote in favor of quickly killing a major ethanol industry tax break “ill advised,” alleging it will cost jobs...“The Administration supports efforts currently underway in the Senate to reform and modernize tax incentives and other programs that support biofuels. However, today’s amendments are not reforms and are ill advised. They will lead to job loss as our nation begins its economic recovery and pull the rug out from under industry, which will lead to less choice for consumers and greater dependence on foreign oil.”"
Additional ethanol and presidential-politics postings.
Obama and Obama-white are the candidates of big government, big spending, big taxation and economic micro-management. Neither belongs in the Oval office.
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