The good news first:
CNN: House approves Amtrack funding
We need to rebuild our rail system. All those subsidies going into our highways should be going into rail. Congress took a positive step today with this veto-proof vote.
The bipartisan bill, which passed by a veto-proof margin of 311-104, would authorize funding for the national passenger railroad over the next five years. Some of the money would go to a program of matching grants to help states set up or expand rail service.
Now the bad news.
Bloomberg.com: Corn Climbs to Record on Speculation U.S. May Cut Crop Estimate
All the flooding and bad weather in the midwest has hurt this year’s corn crop. On top of that, demand is increasing from Asia. There are federal mandates that set minimum required levels of ethanol production from corn. Those mandates should be rescinded immediately.
Corn prices have gained 26 percent in the past two weeks and 83 percent in the past year on demand for ethanol and for livestock feed as rising incomes in Asia boost meat consumption. The price of wheat, rice and soybeans also reached records this year, spurring riots from Haiti to Egypt and Cameroon.
We are heading towards a new world. The summer’s first real heat wave has broken. At some point this summer we may see brownouts and blackouts that are related to capacity, not weather.