If you’re looking for an example of a vocal, politically-connected special interest securing government favors, look no further than President Trump’s recent decision to launch an unprecedented intervention into America’s energy markets to rescue failing coal and nuclear power plants.
While a small group of energy companies stand to benefit from these subsidies, the rest of America will face higher energy prices. Consumer welfare is maximized by letting the market set energy prices, not by giving government regulators the authority to manipulate policies to promote their preferred energy sources.
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