Al Gore says “My Bad” in Greece:
In Greece earlier this month, Al Gore made a startling admission: “First-generation ethanol, I think, was a mistake.” Unfortunately, Americans have Gore to thank for ethanol subsidies. In 1994, then-Vice President Gore ended a 50-50 tie in the Senate by voting in favor of an ethanol tax credit that added almost $5 billion to the federal deficit last year. And that number doesn’t factor the many ways in which corn-based ethanol mandates drive up the price of food and livestock feed.
Sure, he meant well, but as Reuters reported, Gore also said, “One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president.”
Al Gore – Public Choice Scholar. I find the secondary effects among the most irritating, since it disproportionately hurts poorer folks.