The Biden administration created a gold rush, of sorts, when it set up a program to hand out tens of billions of dollars in public subsidies to encourage companies to build the infrastructure for his green energy dreams.
There was a catch to the giveaways, though an assortment of “made in America” requirements on components and materials to protect and create domestic jobs with U.S.-based companies.
The rest of the world put up a fuss, demanding both a piece of the American (taxpayer-funded) action while it got its own subsidy scheme underway.
But that was just the beginning of the rush for taxpayer money. And as is usually the case when there's a rush, fights break out over who gets a seat at the trough…er, table. And in this case, it's U.S. steel companies, and unions, balking at what, exactly, qualifies as “made in America.”
According to the Wall Street Journal:
They argue that the department's treatment of a key component of solar panels would let firms use steel from abroad and still qualify for the 10% credit, which would be available on top of other subsidies for building solar and wind farms.
“If the current Guidance were to be made final, it would significantly damage U.S. domestic steel producers, putting at risk 1.5 million tons of production and jeopardizing the livelihoods of millions of Americans who depend on our industry,” wrote the union and the companies, including U.S. Steel and Nucor.
In other words, a sliver of the public's money might, possibly, go to foreign firms. In the zero-sum game that is taxpayer subsidies, the steel makers are rightly furious that even a dime might go abroad. Because it's one less dime they will be able to pocket (for share buybacks, perhaps?).
And let's not forget the long, complicated, international supply chain issues surrounding the batteries for electric cars.
Regardless of what one thinks of green energy, there's little doubt that the current sources of materials, manpower and know-how are scattered across the globe – with big concentrations in China for items like rare earth metals and solar cells.
It's fine, dandy and makes great campaign fodder to say all of it is coming to the U.S.A. But reality is far messier than the boilerplate in Mr. Biden's speeches.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
READ NEXT: Trump In Custody – See The Latest
Does anybody remember Solyndra?
As always, 10%…