There’s a new report out from a coalition of environmental, good-government and deficit hawks that says one way to cut federal spending and help with the deficit is to end certain energy industry subsidies.
The “Green Scissors 2011” report concludes:
Ending a third of a trillion dollars in environmentally harmful subsidies could go a long way toward solving our nation’s budget challenges.
[The report] provides a roadmap to saving up to $380 billion over five years by curbing wasteful spending that harms the environment. That amounts to a full quarter of the savings the new congressional Super Committee has been charged with obtaining, in half the time.
The report, issued by progressive environmental group Friends of the Earth, deficit hawk Taxpayers for Common Sense, consumer watchdog Public Citizen and free-market think tank The Heartland Institute, propose cutting many fossil fuel, nuclear and alternative energy subsidies. Other targets include massive giveaways of publicly owned timber, poorly conceived road projects and a bevy of questionable Army Corps of Engineers water projects.
Ryan Alexander, president of Taxpayers for Common Sense, said:
These common sense cuts represent the lowest of the low hanging budgetary fruit. Lawmakers across the political spectrum should be scrambling to eliminate these examples of wasteful spending and unnecessary tax breaks that are squandering our precious tax dollars while the nation is staring into a chasm of debt.