China is well behind us
People who talk incessantly about China's development as some kind of zero-sum game that the US is losing are foolish ninnies. Tom Friedman is one of the best-known and most obnoxious examples, but there are millions of people who think like him. Yes, China's growth is faster (because it's a poor country--duh!) and yes, its trains are better (because the government is spending vast amounts of money on railroads). But having the government exercise serious control over the economy is a really bad thing! Pursuit of arbitrary energy use reduction goals leads to electricity rationing, which leads to diesel shortages, which leads to the disruption of commerce.
When was the last time the US had a serious fuel shortage? Oh yeah, I remember. It was in the 1970s, when the government was regulating fuel prices.
When was the last time the US had a serious fuel shortage? Oh yeah, I remember. It was in the 1970s, when the government was regulating fuel prices.