We lived through a decade of free money. It is now gone, and I suspect for quite a while. We in New Jersey also had 2 Governors who were former Goldman Sachs billionaires and thus one would have suspected that with this brain power and experience that they would have taken advantage of this period.
But as the NY Times notes:
Four projects that were supposed to provide electricity to New York City and its suburbs are in limbo after being denied big increases in subsidies. And on Tuesday, the world’s biggest developer of offshore wind farms shocked New Jersey officials by backing out of two projects off the state’s southern coast. “Macroeconomic factors” including inflation and rising interest rates had made the projects too expensive, the company said.
No surprise here. We could have had a new tunnel decades ago for free money and these wind farms could also have been done the same way. Instead we now have dead whales and dead wind farms. Macroeconomic factors aside, it just means that prior planning prevents poor performance. It did not happen in New Jersey.
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