Is John McCain's plan to build 45 nuclear power plans just another burden placed on tax payers?

2008-10-29 08:17 AM

Frank K
Colorado Springs, CO
Posts: 26

One of the center pieces of John McCain's campaign rhetoric is the building of 45 nuclear power plants. However, one fact that McCain ignores is that no nuclear power plants will be built without massive tax payer subsidies and loan guarantees. The plants are simply too risky for Wall Street to finance. In the Energy Bill before Congress the nuclear industry is lobbying for government (tax payer) “guarantees up to 100 percent of any loan or debt obligation” for the building of nuclear plants. McCain is opposed to subsidies for alternative energy sources, but is one of the principle supporters of tax subsidies for nuclear power in legislation before Congress.

The first nuclear power plant to be built in the USA in 30 years will be built in Georgia. The estimated cost is $13 billion. With these levels of capital costs, what will be the tax payer exposure for 45 nuclear power plants? Is this a form of corporate socialism that McCain criticizes Obama for?

Oh and here's an Oct 28 quote from McCain in case anyone missed it: "We talked about nuclear power, well it has to be safe, environment, blah, blah, blah."

Is McCain's rather dismissive "blah, blah, blah" right out of the "Straight Talk Express"?