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.
October 2nd, 2011 at 4:28 am
CHINA has taken the lead in green energy. The domination of our government and our political system by the oil industry is strangling American ingenuity. It means a lot more right now than just how many jobs are created the next day. You conservatives, you go on and on about American Exceptionalism, but it’s all smoke and mirrors. What you want American to be exceptional about is how rich our economic ruling class can become. At the expense of America.
And everything that it stands for.
October 2nd, 2011 at 1:22 pm
Yeah, Klo, China has taken the lead on slave labor and coal-fired power plants. That is why Obama wants us to be like China. Then he can force Americans to build a pyramid in his honor.
October 2nd, 2011 at 2:33 pm
“CHINA has taken the lead in green energy. ”
So what ?
That just means they sell more sht to more idiots than we can.
Seriously, its bullsht. You know why ?
Because Chinas air is the filthiest air on this planet !!!!
They know a good hustle when they see one.
How much you want to bet that any green tech thats profitable will be manufactured in China, not just for the US but for the whole planet.
You and all these idiots are going to buy up this bullsht to help the planet to which the weather will remain the same, China will continue to have the dirtiest air, and as much of our money and jobs…
…idiots
October 3rd, 2011 at 4:51 pm
Worst part is, obama is probably embezzling the money. He’s giving the loans and stimulus money, the company goes out of business, and then he gets out of office and collects his share.
After the 2012 election when the democrats lose miserably there should be an investigation into this lending with legal charges filled against obama, chu, and anyone else involved in this. Where there’s smoke there’s fire, and this thing is sure to get really ugly.