Leading Economist Looks at the Problem of “Subsidy Math”

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INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.

Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Diana Furchtgott-Roth.

Price and Furchtgott-Roth discuss the latter’s recent article about the abuse of government subsidy and its negative impact, particularly on the country’s poorest people.
 

“If the IMF cares about people in poverty, it should put as much distance as possible between it and a recent publication.

“Global subsidies for fossil fuels totaled $7 trillion in 2022, or 7 percent of global GDP, according to the International Monetary Fund’s latest working paper, published in August. This estimate is over $1 trillion more than the estimate in a 2021 working paper by the same authors, economists Simon Black, Antung A. Liu, Ian Parry, and Nate Vernon.

“News that the world is spending $7 trillion on subsidizing fossil fuels, and exacerbating climate change, has garnered headlines in ReutersRadio Free Asia, and India’s Mongabay. But the truth is a little different.”

 

According to a statement, “Diana Furchtgott-Roth is director of the Center for Energy, Climate, and Environment and the Herbert and Joyce Morgan Fellow in Energy and Environmental Policy at The Heritage Foundation. She is an Oxford-educated economist, a frequent guest on TV and radio shows, and a columnist for Forbes.

“Diana worked in senior roles in the White House under Presidents Reagan, George H.W. Bush, and George W. Bush. She has served as Deputy Assistant Secretary for Research and Technology at the U.S. Department of Transportation; Acting Assistant Secretary for Economic Policy at the U.S. Department of Treasury; Chief Economist at the U.S. Department of Labor; Chief of Staff of the President’s Council of Economic Advisers; and Deputy Executive Secretary of the White House Domestic Policy Council.

“Diana is the author or coauthor of six books and hundreds of articles on economic policy, most recently United States Income, Wealth, Consumption, and Inequality (Oxford University Press, 2021). She received degrees in economics from Swarthmore College and Oxford University.”

 

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LISTEN TO THE INTERVIEW IN ITS ENTIRETY HERE:

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