With the heinous HMO/health insurer wealthcare bill being fought over in Congress and the court of public opinion, I've been too busy to mention one of the most dangerous decisions President Obama has made thus far.
He has decided to give billions of dollars in federal loan guarantees to build two nuclear power plants in Georgia. Nuclear power needs enormous government bailouts like this because the plants are so incredibly dangerous that no private insurer will go anywhere near them.
Aside from the financial risks to the taxpayers, there are enormous risks to human life in building the plants. Contrary to industry propaganda, all nuclear plants are vulnerable targets to terrorist attacks that could cause disasters as bad or worse than Chernobyl.
Why did Obama do this? Follow the money. From ABC News 2/24/10:
The president has had strong support from the industry. Executives at the Illinois-based utility Exelon -- a leader in the nuclear energy field -- contributed at least $227,000 to Mr. Obama's campaigns for the United States Senate and for president, according to a review by The New York Times, which noted that two top Exelon officials, Frank M. Clark, executive vice president, and John W. Rogers Jr., a director, were among Obama's largest fund-raisers.
The Greens, and anyone else with half a brain, are furious. Here's the start of their 2/18/10 press release on the subject.
WASHINGTON, DC -- Green Party leaders and candidates are calling President Obama's resurrection of nuclear power with a multi-billion-dollar taxpayer-funded subsidy for a Georgia plant his "worst idea yet" and warned about serious public health threats posed by mining, waste transportation, and waste storage. The Green Party disputes the myths that nuclear power is 'green energy' or a solution to the advance of climate change.
"The twin nuclear reactors in Burke County, Georgia, would be financed with $5.4 billion in loans from the Federal Financing Bank with money of the US Treasury. According to the GAO, this investment has a 50/50 percent or worse chance of failing. President Obama wants taxpayers to assume 80% of the financial risk to turn the southeast Atlantic states into a big open-pit radioactive barbeque. This investment is a terrible idea -- President Obama's worst yet," said Lisa Green, Green candidate for California Assembly Candidate, 53rd Assembly District (http://www.votelisagreen.net).
"If built, the plant will be a financial disaster because of high construction expenses and likely cost overruns, compared with other sources of electrical power. As the first of a new generation of nuclear power plants, it'll carry huge technical risks. Even more ominous is the problem of mining, waste storage, and waste transportation through populated areas, which carry huge public health dangers," added Ms. Green.
Barack Bush strikes again!