Despite the controversy over the $535 million federal loan guarantee to Solyndra, Barack Obama and the Department of Energy have rushed to distribute another $6.49 Billion to nine other solar energy and green companies. One company, Mesquite Solar, received $737 Million dollars for a solar energy farm project in New Mexico which will only create some 52 to 55 permanent jobs, if any job in the solar industry can be considered permanent. That works out to costing the U.S. taxpayers about $13 Million dollars per job created. All totaled, the cost per job created is about $22.9 million dollars each among all 9 loans. Meanwhile. Energy Department Secretary Steven Chu it has been learned requested the White House for a free hand in awarding federal loans and oversight for companies like Solyndra. Critics of these loans in the Treasury Department and other government agencies were becoming uncomfortable.
All totaled, this past week saw the DOE rush out about $6.49 Billion dollars in loans to nine solar and green companies. While some 3,600 temporary construction jobs may result from this stimulus, only 283 actual ′permanent′ jobs will be created by the companies receiving the loans. That works out to a cost of $22.9 Million dollars per permanent job created. This just highlights the folly of the Obama administration and its green jobs agenda. Also, the annual circus in Washington of departments and agencies blowing whatever money they have left at the end of a fiscal year in order to justify receiving an increase next year. Then there is the crony capitalism angle, too, such as a solar thermal project in Nevada by SolarReserve getting a big fat $700 Million loan. SolarReserve has a connection to PCC Clean Energy & Technology Fund, where Ronald Pelosi, brother-in-law to Nancy Pelosi, is the Number 2 executive.
The White House and Barack Obama continue to stonewall concerning Solyndra, which went bankrupt despite receiving $535 million in a federal loan guarantee. I suppose buying robots that whistle Disney music was just too good a bargain. Four other solar-green companies which received loans from Steven Chu through the Department of Energy green jobs initiative have also gone belly up. This week, with the fiscal budget year ending, the DOE rushed out another $6.49 Billion to nine solar and green energy companies despite the controversy over Solyndra, and the fact that the average cost to the U.S. taxpayer fr each permanent job promised to be created is around $22.9 Million dollars each. Any idiot can create a job for $20 Million dollars. Apparently, that is exactly what we have occupying the White House and the DOE.