Tuesday, April 19, 2016
I was shocked to learn during a recent Senate hearing that America's
largest coal producer, Peabody, had filed for bankruptcy. Sadly, that
isn't the half of it, as a Washington Times piece
by Stephen Moore indicates:
Then a strange thing happened about a decade ago. The radical left wing environmentalists took control of the Democratic Party. These are crazies who care more about the supposed rise of the oceans than the financial survival of the middle class. The industrial unions made a catastrophic decision to get in bed with these radicals and now they -- and all of us -- are paying a heavy price.Moore goes on to advise Republicans to remind affected voters of the problem. His case is not as strong as Alex Epstein's "How to Make Energy a Winning Issue for Republicans in 2016," but the piece is highly relevant nonetheless.
The latest evidence came last week when another coal giant in America, Peabody Energy Corp., declared bankruptcy. This is the same fate suffered by Arch Coal Inc., Alpha Natural Resources Inc. and other coal producers that have filed for Chapter 11 protection from creditors.
This isn't a result of free market creative destruction. This was a policy strategy by the White House and green groups. [link dropped]