The US Capitol power plant burns coal — Jim Lo Scalzo/EPA/Shutterstock
❝ The United States has spent more subsidizing fossil fuels in recent years than it has on defense spending, according to a new report from the International Monetary Fund.
The IMF found that direct and indirect subsidies for coal, oil and gas in the U.S. reached $649 billion in 2015. Pentagon spending that same year was $599 billion.
❝ Oil, gas and coal companies — and their stooges in public office — have long argued that making consumers pay for the full impacts of fossil fuel use would cripple the economy. The IMF experts call bullshit on this idea, revealing that the world would, in fact, be more prosperous. Eliminating subsidies for fossil fuels would have created global “net economic welfare gains” in 2015 of “more than $1.3 trillion, or 1.7 percent of global GDP…”
Between stooging for corporations killing us with fossil fuels and the military-industrial complex pouring money down the death and destruction rathole, that’s well over a trillion dollar$ a year in wasted money. Funds that could have been spent on healthcare, improved public education, any number of programs designed to benefit the working folks of America.