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.