Red China’s Lessons for Green Boondogglers?
by Christopher C. HornerDavid Kreutzer of Heritage has a great item up on The Foundry, on WaPo’s remarkable (it was WaPo!) exposé of the miracle Chinese bullet trains actually leaving a trail of, well, leaving fiscal and other wreckage in their wake. He concludes, “Well, the Chinese finally have a green-energy idea worth stealing: arrest government officials who foist overpriced, underperforming, debt-ballooning, money-losing projects on taxpayers.”
In case you missed the WaPo piece, the man in charge of China’s model train set:
“is ruined, and his high-speed rail project is in trouble. … his ministry has run up $271 billion in debt — roughly five times the level that bankrupted General Motors. But ticket sales can’t cover debt service that will total $27.7 billion in 2011 alone. Safety concerns also are cropping up.
Faced with a financial and public relations disaster, China put the brakes on Liu’s program. On April 13, the government cut bullet-train speeds 30 mph to improve safety, energy efficiency and affordability. The Railway Ministry’s tangled finances are being audited. Construction plans, too, are being reviewed.
Liu’s legacy, in short, is a system that could drain China’s economic resources for years. So much for the grand project that Thomas Friedman of the New York Times likened to a “moon shot” and that President Obama held up as a model for the United States.”
In short, it’s an awful lot like Spain’s wind- and solar program President Obama also longs to impose here.







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