Majority of Surveyed Economists Favor a Carbon Tax to Encourage Develoment of Alternatives to Fossil Fuels

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Majority of Surveyed Economists Favor a Carbon Tax to Encourage Develoment of Alternatives to Fossil Fuels

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According to the Wall Street Journal’s Monthly Economic Forecasting Survey; February 2007, 85% of the surveyed economists believe the government should encourage development of alternatives to fossil fuels. When asked "what is the most economically sound way for the government to encourage development of alternatives to fossil fuels," 54% responded with "taxes that raise the cost of purchasing fossil fuels." The next largest category was "other" at 28%, followed by "subsidies for producers of alternative fuels" at 13%.

According to former Fed Chairman Paul Volcker, as quoted in the International Herald Tribune, taxes either on emissions or on petroleum could be effective in
reducing global warming, that it would be wiser to impose a tax on oil
than wait for the market to force prices up, that measures to reduce
global warming would not be economically devastating and, putting the
issue in perspective:

"What may happen to the dollar, and what may happen to
growth in China or whatever," he said, raising his voice, "pale into
insignificance compared with the question of what happens to this
planet over the next 30 or 40 years if no action is taken."

(Economist Paul Volcker Says Steps to Curb Global Warming Would Not Devastate an Economy, Feb. 6)

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  1. Speaking of "paling into insignificance" that is exactly what will happen to this economy and country if we continue the montezing of our national debt. Printing hundreds of billions of dollars a year out of thin air to artificially ameliorate concerns that we are effectively BANKRUPT already. Add it up; Official Gov’t National Debt, 8+ TRILLION and counting, Unfunded gov’t liabilities(Social Sec-Medicare Gov’t Pensions) 20-30 TRILLION, Trade deficit, 500+ BILLION/yr. and counting. The "dollar" used to be the standard of world trade. Now foreign traders are getting out of our inflated-monetized dollars and into Euros, Yuans or gold. Ford-GM in big trouble, and the cry goes out by the FED, "ALL IS WELL" When foreigners(China,India etc) quit buying our debt instruments(Treasuries,Gov’t bonds) this house of cards will collapse. See, McElvaney Intelligence Advisor. This irresponcible and deceitfull policy endorsed and perpetuated by VOLKER and his successors will redound to our ultimate destruction and or takeover by our enemies. Sounds almost apocalyptic does’t it? Can you say"One World Gov’t" or New World Order?? God save us, maranatha!!

  2. Andy – Your comment is irrelevant to the post. Future comments, if irrelevant, will be deleted. Interestingly, your comment does support the need for a carbon tax. First, as an aside, the budget problems you describe are the result of the current administration which inherited a budget surplus but has squandered it on the fiasco in Iraq and irresponsible tax cuts. More important for discussion of a carbon tax, the trade deficit is aggravated by the billions of dollars this country sends abroad for foreign oil. A carbon tax will reduce the outflow of dollars for oil and improve our economy at home.

    Feel free to send comments that respond to posts. Comments re monetizing our national debt may be appropriate on another blog, but will not be accepted here. Similarly, irrelevant attacks on the former Fed Chairman or anyone else will also not be accepted.

  3. Thanks for putting up a website.  Here is a post I wrote to an environmental group that isn’t very interested in a carbon tax:
     I would have posted it put I didn’t want  "allow your website access to my clipboard," and I can’t copy and paste like any other website.  Anyway, I wish you well.

  6. The Senate testimony included Dr. Henry Jacoby, Dr. Gary Yeo, and Sir Nicholas Stern.  Jacoby and Yeo made a strong case for carbon taxes.  I hope you can find the webcast archived somewhere, possibly on the Senate ENR website.