That is a complete falsehood.
From: http://www.ethanol.org/pdfs/msu_ethanol_study.pdf
The net energy associated with ethanol in the system expansion approach is 0.56 MJnet/MJ of ethanol in the base scenario, including ethanol transportation to consumers. Therefore, the available energy from ethanol is much higher than the input energy for producing ethanol. In other words, using ethanol as a liquid transportation fuel would significantly reduce domestic use of petroleum even in the worstcase scenario.
Great. So when will you stop stealing my money?