Investments in a Mirage

IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- 'Vision Thing' Of Obama May Just Be Mirage:

"The president's policies might, as he says, create high-paying 'green' or medical jobs. But if so, they will destroy old jobs elsewhere. Think about it. If you spend more for gasoline or electricity — or for health insurance premiums — then you spend less on other things, from meals out to home repair. Jobs in those sectors suffer.
The prospect is that energy and health costs may rise without creating much gain in benefits. That's not economic 'progress.' To rebate households' higher energy costs (as some suggest) with tax cuts doesn't solve the problem of squeezed incomes. Given today's huge and unsustainable budget deficits, some other tax would have to be raised or some other program cut.
And collective benefits?
What defines the 'post-material economy' is a growing willingness to sacrifice money income for psychic income — 'feeling good.' Some people may gladly pay higher energy prices if they think they're 'saving the planet' from global warming. Some may accept higher taxes if they think they're improving the health or education of the poor. Unfortunately, these psychic benefits may be based on fantasies. What if U.S. cuts in greenhouse gases are offset by Chinese increases? What if more health insurance produces only modest gains in people's health?
Obama and his allies have glossed over these questions."