On today’s BradCast: Joe Biden is on a “go big” roll that has stunned even many long time progressives. Another one of them joins us on today’s show to sing the praises (mostly) of his $2.25 trillion infrastructure, jobs and climate proposal known as the American Jobs Plan. It will be paid for — at least in very small part — by ending long time direct subsidies (yes, government socialism) to the Fossil Fuel Industry. But, even on that, the industry is getting a break that they shouldn’t. [Audio link to full show is posted below this summary.]
First up today, however, some noteworthy news headlines…
- The white Brooklyn Center, Minnesota police officer who resigned yesterday after shooting black motorist Daunte Wright during a traffic stop on Sunday, has been charged with second-degree manslaughter after days of protest and unrest. The city’s Police Chief, who also resigned on Tuesday, has said that the 26-year veteran officer, Kim Potter, meant to taze the 20-year old Wright, but shot him instead.
- A scathing new Inspector General’s report finds that U.S. Capitol Police were instructed by leadership not to use their best crowd-control weapons on January 6th, despite clear intelligence from the FBI and Dept. of Homeland Security warning that “Congress itself is the target” for protests by Donald Trump supporters who were scammed by his false claims that the Presidential election was stolen. In the days before the assault, pro-Trump social media sites included explicit details regarding plans by MAGA Mob extremists to target both the Capitol and members of Congress, including maps of underground tunnels at the Capitol building and threats calling for “violence” and “war”. While DHS and the FBI were aware of these threats — and, therefore, so was Trump — for reasons that still remain unclear, the Capitol Police were left wildly unprepared for the deadly siege.
- And, in perhaps the most critical news of the day, President Biden announced, in no uncertain terms, his plans to remove all U.S. troops (other than those needed to protect diplomats) from Afghanistan no later than September 11th of this year, the twentieth anniversary of the 9/11 attacks. He explained his reasoning and responded to critics of the move in remarks at the White House today, declaring that “It’s time to end the forever war.” We share extended excerpts from his address.
Then, we’re joined by the great energy and climate journalist DAVID ROBERTS — formerly of Vox, now publishing his own must-read newsletter called “Volts” — for insight into Biden’s plans to pay for what Roberts characterizes as a remarkably progressive infrastructure, jobs and climate proposal.
Introduced two weeks ago, the American Jobs Plan is to be paid for largely by an increase on the corporate tax rate. But, as Roberts detailed in a recent Volts article, it will also include a repeal of some of the permanent subsidies to the Fossil Fuel industry which they have enjoyed for decades, as written into the tax code. While many progressives are pleased about that, including Roberts, the fact is that those direct subsidies to the industry, as he points out, amount to a very small fraction of the cost of Biden’s ambitious plan. Indeed, at some $35 billion for the entire industry, spread out over ten years, it also amounts to a very small amount of the true cost of the “indirectsubsidies” or “externalities” which the public pays for to boost profits for the polluting industry.
The direct subsidies, says Roberts, are “a drop in the bucket” compared to “the total amount of money that would be raised if you went after the indirect subsidies” with a carbon tax that accounts for the true cost of the industry’s “products that produce a lot of social harm. Harm in terms of air pollution that they generate, which then produces health costs, and people miss work. There’s the climate damages that they do when they’re burned. There’s land pollution. There’s abandoned oil and gas wells at the end of their life. Those cost a lot of money” to clean up, which the companies rarely, if ever, do.
“The oil and gas industry itself doesn’t pay any of those costs. So when your product imposes all these costs and you don’t pay them, the public steps in and pays them. Like the kids with asthma who are paying, rather than the fossil fuel companies.” Roberts suggests “those externalities, as they’re called, have always been the premise for a carbon tax, why we would want to put a tax on carbon so that you can recoup all these damages that the oil and gas industry are not paying for.”
Still, setting aside how the package is to be paid for, Roberts concedes that he is “pleasantly surprised” about the “super-big and ambitious” package which includes, as he also details, a whole bunch of cool stuff that has received little coverage, since there is actually so much packed into the sweeping, long-overdue proposal.
How to get it passed, however — and, specifically approved by “our emperor and benefactor Joe Manchin, long may He reign” — is another matter, which we discuss in detail today as well.
“Where we are is so ludicrously far away from where we need to be, that it becomes difficult to judge anything in the middle,” Roberts argues. “Is this a good big step or is it a grossly inadequate step? Yes. It’s both. Everything we’re going to do on climate change for the next decades will fit that description. It’s going to be big and not big enough.”
We then close today with a quick thought or two on a new statement from hundreds of companies and corporate executives in opposition to the GOP attempts to restrict voting rights around the country. We hope to have more time to discuss the matter on tomorrow’s BradCast…
(Comments are now closed.)