Republicans, in the name of free markets, once worked hard to let companies pollute. That is no longer enough. They now want to punish companies that are trying not to pollute — or at least are supporting measures that will reduce global warming. These Republicans are not free marketeers. They are free-market socialists. Yes, that is an oxymoron. But that is the new conservative modus vivendi. Say one thing. Do another. Pay lip service to cops, the military, individual liberty, et al. — while trampling over the professed objects of their esteem.
Conservative interference with free markets goes beyond climate change. If a company supports LGBTQ+ rights — or the rights of any other oppressed group — you can be sure that Republican politicians will be lining up to punish corporations for their free speech. Look at Ron Desantis's reaction to Disney criticizing Florida’s ”Don’t say gay” school bigotry. He told conservative commentator, Dave Rubin
"I thought it was a mistake for Disney to get involved and I told them, 'You shouldn't get involved it's not going to work out well for you.'"
He sounds no different than a mob thug. “that’s a nice business you have there. It would be a shame if something happened to it.” And in his rush to burnish his conservative credentials for a likely 2024 presidential run he has potentially burdened central Florida taxpayers with bond obligations totaling $1 billion+. As well as throwing away $105 million in Disney self-tax annual revenue, which local counties will now have to find the money to cover. (For details, click here)
But that is just a local pissing match with no global ramifications and whose victims are limited to regular folk in one Florida area. A more significant conservative distortion of the free market is a coordinated push by many state treasurers to deter corporate actions to reduce greenhouse gas emissions by inflicting strong-arm tactics on the free market.
The New York Times investigated this cabal of right-wing socialists and published their findings in an article entitled “How Republicans Are ‘Weaponizing’ Public Office Against Climate Action”. It starts,
“Nearly two dozen Republican state treasurers around the country are working to thwart climate action on state and federal levels, fighting regulations that would make clear the economic risks posed by a warming world, lobbying against climate-minded nominees to key federal posts, and using the tax dollars they control to punish companies that want to reduce greenhouse gas emissions.”
It is hard to see how it is within a state treasurer’s purview to thwart federal actions against climate change, fight federal regulations on clarifying the economic risks of global warming, and lobby for science-deniers in federal posts. But those are at least part of the often expressed Republican philosophy.
But “using the tax dollars they control to punish companies that want to reduce greenhouse gas emissions” goes against the embrace of laissez-faire economics at the heart of conservative thinking. As Reagan said, “The basis of conservatism is a desire for less government interference.” This renders today’s conservatives hypocrites, as their desire to interfere in the economy, schools and individual choice is so ardent it would make a Marxist blush.
Last month, West Virginia’s treasurer, Riley Moore announced he would ban Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo, and US Bancorp from doing business with the state. Their sin? They have stopped supporting the coal industry. Laissez-faire? My ass.
The Times also reports that Moore, and the treasurers of Louisiana and Arkansas, have pulled more than $700 million out of BlackRock, the world’s largest investment manager, saying that the firm is too focused on environmental issues. Two thoughts. First, is it not the fiduciary responsibility of a state treasurer to be a responsible guardian of the state's money by safely maximizing returns? If so, they should consider BlackRock’s financial performance only.
Second, BlackRock is not a charity. Nor is it motivated by altruism. Its mission is to maximize the returns to its stakeholders. And if they think reducing its portfolio in fossil fuel companies is the best course, are they not mandated to do that — regardless of what some zealots in state government do?
Look at the coal industry. West Virginia is the second largest producer of the pollutant in the US, but production has declined significantly in the last 20 years. And while Republicans decry climate change policies as “job killers”, in the real world clinging to a dying industry is the #1 job killer. As recently as 2012, West Virginia employed 22,786 coal miners. By 2020 that number had halved to 11,418. And that was despite an administration that promised “coal” had no better friend. (It turned out they meant mine-owners had no better friend.)
Overall the picture is even worse. From a peak of 862,500 in 1920, coal jobs have declined to 36,500 today. Even the United Mine Workers of America, the largest union representing coal miners, announced last year that it supported renewable energy. As the UMWA President Cecil Roberts said “We’ll take good paying jobs any way we can get them.”
And why not? Employment generated by solar energy stands at 300,000 jobs — and is increasing.
But Moore is blind to the future. He praised Kentucky, Tennessee, and Oklahoma for passing similar market-distorting laws this year, saying,
“Kentucky joins our growing coalition of states that have taken concrete steps to push back against the woke capitalists who are trying to destroy our energy industries.”
It is like some late 19th-century politician saying they will protect America’s transportation industry by punishing banks that refused to lend money to buggy manufacturers while investing in the brand new automobile business.
America’s energy industry is turning to alternative, renewable sources. And Luddites like Moore and his fellow right-wing, socialist politicos are just delaying it — and in doing so, are reducing American industry's ability to compete with aggressive, forward-looking energy companies in China and Europe.
This is not a surprise. Moore is not a deep thinker. His take on global warming is the same bullshit boilerplate offered by the scientifically illiterate since average global temperatures started rising at an unprecedented rate.
“The climate has been changing in the world since Earth was created. Whether these greenhouse gas emissions are contributing to the warming of the globe, I’m not sure I necessarily agree with that.”
It takes a myopic arrogance to look at the 97% of scientists who believe the evidence for global warming is overwhelming and say that “my gut tells me you’re wrong."