Opinion: Governor Newsom’s water plan represents progress, but misses the power of markets
In mid-August, California Governor Gavin Newsom announced plans to tackle the state’s ongoing water crisis. California is in the midst of a drought, which some are now referring to as “the end of the dream.” Water shortages in the West are unfortunately becoming part of everyday life, thanks in large part to climate change. Newsom’s plan appears to be moving the state in the right direction by focusing on increasing the supply of water available for residents’ wide-ranging purposes. However, his administration should be doing more to leverage the power of markets and market pricing, strategies noticeably absent from new proposals.
-Written by James Broughel, a senior research fellow at the Mercatus Center.Related article:
- Orange County Register: Newsom’s welcome call for abundance rather than scarcity on water policy