At Grist, Philip Bump writes Fossil-fuel extraction on public land yields massive economic boom, kind of:

Good news from the L.A. Times:
Energy development on public lands and waters pumped more than $12 billion into federal coffers in 2012, $1 billion more than the previous year, according to the U.S. Department of the Interior.

“These revenues reflect significant domestic energy production under President Obama’s all-of-the-above energy strategy and provide a vital revenue stream for federal and state governments and American Indian communities,” Interior Secretary Ken Salazar said in a statement.

Yes! Win win win win win. Winners all around. Lots of cash money/moolah just pouring out of the ground like so much crude oil, thanks to the president’s staunch commitment to fossil fuels. Everyone line up for your cut! [PDF]

Just such good news. But we need to do a smidgen of accounting work here.

So: $12 billion in profits from fossil-fuel extraction, great. Of course, $4 billion of that goes back to oil companies in subsidies, so it’s really more like $8 billion. Oh, plus another billion or so to the coal industry. So $7 billion. Still good!

We should also probably consider that the use of those fossil fuels results in $120 billion in healthcare costs each year. In 2009, 35 percent of U.S. healthcare spending was from Medicare and Medicaid [PDF]. Thirty-five percent of $120 billion is $42 billion. Hm.

And then there’s that $50 billion that Obama is seeking to repair damage from Hurricane Sandy. But let’s take only the $5 billion the New York area Metropolitan Transportation Authority needs due to the flooding that was certainly made worse by climate change. Don’t want to be unrealistic, after all!

So, let me get out the adding machine here … Boom. Done. That brilliant all-of-the-above energy approach has indirectly resulted in a rock-solid economic benefit of negative $40 billion to the U.S. economy. [...]

Blast from the Past. At Daily Kos on this date in 2011Joe Walsh reportedly offered $3.5 million in election help to switch districts:

Wow. I've been mystified as to why Joe Walsh, the most visible trainwreck of the Republican freshman class, changed his mind and decided to seek reelection in the heavily-Democratic 8th CD rather than in the very red 14th where he'd long been planning to run. Walsh got deliciously screwed in redistricting and wasn't left with a lot of good options: The 14th is also home to fellow GOPer Randy Hultgren, so that would have meant a major primary battle. But the redrawn 8th isn't really a district that Republicans have much of a shot in, especially baggage-laden out-and-proud tea partiers.

But it looks like we might finally have our explanation:

Walsh — lured by the thought of an easier primary and the promise, according to top Illinois GOP officials who requested anonymity and influential Barrington Republican Jack Roeser, of $3.5 million in general election fundraising help from House Speaker John Boehner — will now make a bid in the recently drawn 8th District, roughly centered in Schaumburg and including Addison, Elk Grove, Hanover and Wheeling townships.
Again, wow. Does Joe Walsh really think this money will be there for him? It's not like he'd even have much of a chance at victory even with such a huge infusion of coin, but I guess he's stupid enough to believe he might get it. However, I can't believe Boehner would be stupid enough to spend this kind of cash—or any cash—on a guy like Walsh in a district like this. And forget about the general election—Walsh might need the dough for the primary.

Tweet of the Day:

I put on a Grateful Dead song and my 5 year old said, "That sounds like video game music."

He's in time-out forever.
@RexHuppke via web

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Originally posted to Daily Kos on Sun Dec 09, 2012 at 08:30 PM PST.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

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