Nuclear Loan Guarantees

NUCLEAR LOAN GUARANTEES…. We talked a few weeks ago about nuclear power, and the piece from Washington Monthly editor Mariah Blake about why it’s a bad idea to go back down this road. Blake wrote a post with relevant follow-up information, and the Center for American Progress noted the end result from the stimulus package.

Thankfully, the final bill excludes the Senate’s $500 million allocation that would have provided up to $50 billion in loan guarantees for “low emission” electricity, predominately aimed at nuclear power. With a 50-percent default rate, these nuclear loans could have made taxpayers responsible for at least $25 billion in risky loans. This program would have created very few jobs because it takes a long time to finance and build a nuclear power plant.

Good move.

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Steve Benen

Steve Benen is a producer at MSNBC's The Rachel Maddow Show. He was the principal contributor to the Washington Monthly's Political Animal blog from August 2008 until January 2012.