"In recent days I have set before the American people an energy plan, the Lexington Project -- named for the town where Americans asserted their independence once before. And let it begin today with this commitment: In a world of hostile and unstable suppliers of oil, this nation will achieve strategic independence by 2025."
Since energy independence is such a critical issue, let's look at some of the specifics the Senator has put forward:
1) A $5,000 tax credit for each and every customer who buys a zero carbon emission car, For other vehicles, a graduated tax credit will apply so that the lower the carbon emissions, the higher the tax credit.
2)A $300 million prize should be awarded for the development of a battery package that has the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars.
3)American automakers have committed to make 50 percent of their cars FFVs by 2012. John McCain calls on automakers to make a more rapid and complete switch to FFVs.
4) John McCain Believes Alcohol-Based Fuels Hold Great Promise
5) eliminate mandates, subsidies, tariffs and price supports that focus exclusively on corn-based ethanol
6) John McCain Will Effectively Enforce Existing CAFE Standards. John McCain has long supported CAFE standards - the mileage requirements that automobile manufacturers' cars must meet. Some carmakers ignore these standards, pay a small financial penalty, and add it to the price of their cars. John McCain believes that the penalties for not following these standards must be effective enough to compel all carmakers to produce fuel-efficient vehicles.
7) John McCain Will Commit $2 Billion Annually To Advancing Clean Coal Technologies and commit significant federal resources to the science, research and development that advance this critical technology.
8) John McCain Will Put His Administration On Track To Construct 45 New Nuclear Power Plants By 2030 With The Ultimate Goal Of Eventually Constructing 100 New Plants.
9) A Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R and D.
10) John McCain Will Encourage The Market For Alternative, Low Carbon Fuels Such As Wind, Hydro And Solar Power. To develop an even-handed system of tax credits .
11) John McCain will greening the Federal Government
12)Electricity Grid And Metering Improvements To Save Energy.
13) reform the laws and regulations governing the oil futures market
14) John McCain Does Not Support A Windfall Profits Tax.
Of course the 15th point is Senator McCain's cap-and-trade system for CO2 emissions.
Of course this plan reflects an inherent distrust of market mechanisms. It is largely a waste of money that will do little but create new special interest groups. The most offensive issue is the plank to give buyers a $5K discount on their new cars at taxpayer expense. What a crock. Why should people who like the car they have or cannot afford the cost of a new 0-emission car subsidize cars for those who do want one and can afford them. Another $2 billion to line the pockets of coal barons, a $300 million prize for some lucky battery maker, a 10% tax credit for firms that engage in R and D, cap-and-trade, etc, etc, etc. This is a list to make any Progressive Democrat salivate.
The only plank the Principle and Policy agrees with is Number 4. That's right, Principle and Policy joins John McCain in believing that alcohol-based fuels hold great promise. At least that didn't cost us any tax money.
Senator McCain - I liked it better when you weren't so specific.
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