On “Meet the Press” Sunday, David Gregory asked Barack Obama’s campaign manager David Plouffe, “Should government be playing venture capitalist to try to prop these interest–industries up [referring to Solyndra]?”

Plouffe’s answer: “Well, let’s step back for a minute. We have to win this race, you know, we–if we don’t win the clean energy race in terms of technology, innovation, and jobs, and cede it to other countries, we’re not going to have the century–we need this. It’d be like us ceding the automotive industry race or the Internet and computer race.” [emphasis mine]

What pure balderdash!  I am sure that Henry Ford would not be happy to hear that the White House was taking credit for his successes – like inventing the assembly line. The success of the American automotive industry and Internet was not because the government subsidizing Henry Ford or Bill Gates or Steve Jobs; it was because private investors saw the value of their ideas.

David Gregory’s question goes to the heart of our economic train wreck. Where in the Constitution does it state that Congress should be playing the role of venture capitalist and funding one business over another? What authorizes the government to fund one particular business – whether it’s Solyndra or Exxon – with everyone else’s money?

Ethanol producers receive billions in government subsidies. What does it accomplish? It increases the price the farmers pay to feed their livestock, devours huge quantities of the corn supply (more than 40%), and increases the price of corn for American families and families around the world. How crazy is that – a government subsidy that drives up the cost of food?

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