Advancing a Free Society

A Lose, Lose, Lose, Lose, Lose Proposition

Friday, January 20, 2012

As he did with his probably illegal “recess” appointments, President Obama picked a politically advantageous time to cancel the Keystone pipeline project — while the media is obsessed with the South Carolina primary, Newt Gingrich’s second wife, and Mitt Romney’s investments. Yet it is hard to remember a presidential decision that had as many negatives as this one:

a) Jobs in tough times? Anywhere from 10,000 to 20,000 high-paying jobs were lost. These were shovel-ready and private-sector, and they would have led to the real creation of wealth — the antithesis of Solyndra. How strange — we pay tens of millions of dollars for a few hundred subsidized, money-losing jobs, while passing over thousands of money-making ones.

b) National security? While we ratchet up the pressure on Iran, as gas prices climb, and as our subsidized wind/solar alternatives fizzle, we hope that, in extremis, the Saudis can reroute their exports through the Red Sea. How strange — we cancel our own pipeline while expecting others will never do the same.

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