Los Angeles is broke. Strapped for cash. In the middle of an “urgent financial crisis.” It needs a giant “Will work for food” sign next to every city limits sign. And it owes it all to the global warming scam.
The Wall Street Journal has the details:
What’s brought the famed city to this pass? Global warming, of course. Or more precisely, the crusade against global warming.
A couple of months ago, Mayor Antonio Villaraigosa proposed electricity rate hikes of 9% to 28% to wean the city off coal and pay for its aggressive renewable energy portfolio. Residents and businesses bristled at such a steep increase in their electric bills, especially during a recession. Facing irate constituents, the city council nixed the utility’s proposed 5.7% three-month rate hike, the first of four increases planned.
This in turn prompted the utility to withhold $73.5 million of the $220.5 million surplus revenue it was expected to transfer to the city. Without the rate hike, the utility’s interim manager S. David Freeman says it doesn’t have enough money to pay its own bills and hand the city the $73.5 million. The city council complains that the utility is holding the city hostage.
What’s really holding the city hostage is the state’s global warming law and the mayor’s green energy agenda, which includes boosting renewables to 40% of the city’s energy portfolio by 2020. The state’s renewable goal is 33%. The mayor says the city could face hundreds of millions of dollars in fines if it doesn’t comply with the state’s numerous renewable energy and carbon reduction mandates. But of course complying with these mandates means a sharp increase in energy prices, as Los Angeles residents are now discovering.
Global warming is real. The weather is warm. The actresses are hot. And the city’s finances have melted down.
How much more proof do you need, you filthy denier?
Source: Wall Street Journal
