Tuesday, July 24, 2012

RAHN: Irrational infatuation with biofuels

"People in poor countries spend as much as three-quarters of their income on food, so a rise in food prices can cause real misery and near starvation. Low-income people in the United States also spend a much higher percentage of their income on food, and a rise in food prices causes them more misery than the more affluent."

"So when you turn on your TV news and see very hungry people in poor countries, food riots in Europe and the Middle East, and Americans getting upset and suffering from high food prices and unnecessarily high energy prices, you should remember that the real villains in this global tragedy are the members of Congress and politicians in other countries who voted for these insane policies."


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