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In the fall of 2008, then-candidate Barack Obama made a campaign promise to jumpstart the economy with an influx of green jobs… The President has kept his promise to spend billions of borrowed dollars on green energy, but his promises that such spending would create a new, self-sufficient industry capable of providing millions of jobs for Americans have proven empty.
[...]Two years later, the President’s promise of millions of jobs stands in stark contrast with reality. As a recent report from a Bay-Area news organization made clear, green jobs predictions are “proving a pipe dream.”
[...]Since its introduction in the 2009 stimulus bill, the Department of Energy (DOE) has issued $40 billion in new loan guarantees for private-sector loans for renewable energy projects that might not otherwise have been market-viable. Already, multi-million dollar projects, initially labeled as successes, have failed:
• The first renewable energy loan guarantee recipient, solar start-up Solyndra, received a loan guarantee for $535 million in the fall of 2009, even after repeated warnings from federal financial analysts. In the spring of 2010, it failed to complete its initial public offering after an independent audit questioned the ongoing viability of the firm. Then, in the fall of 2010, the firm closed one of its manufacturing facilities and laid off 180 workers. Finally, the firm declared bankruptcy and laid off 1,100 employees only 15 months after Obama visited a company factory.
• Beacon Power, received a $43 million loan guarantee in July of 2009. Since then, its stock price has dropped by 90 percent – a period during which the NASDAQ exchange on which it is listed has increased by 40 percent. The company has not been in compliance with NASDAQ listing requirements, leading to a delisting determination from the exchange.
• First Wind Holdings, received a $117 million loan guarantee in March of 2010. First Wind withdrew its initial public offering in October of 2010, due to a lack of investor demand. According to the Boston Globe, investors shied away from the company because “First Wind owes more than $500 million, loses money on a steady basis, and reports a negative cash flow.”
Even in the midst of these failures, DOE has been advertising additional loan guarantee recipients, announcing a $1.2 billion loan guarantee to another solar company just one day after the FBI raided Solyndra’s offices. Congressional investigators are initiating a review to examine how many future Solyndras have been already financed by this loan-guarantee program or approved through shoddy review, and how can we prevent future examples of this kind of wasteful federal spending.
Why are we in a recession and bleeding jobs? Because we voted for an anti-science ideologue whose energy policy is designed to 1) pay off his Democrat campaign fundraisers and 2) allow him to put on a show about caring for the planet more than those nasty Republicans. We aren’t going to have a lower unemployment rate and lower consumer prices on energy until we kick out the anti-science crowd. I understand that some people believe in religious nonsense like global warming and Keynesianism. That’s fine – let them keep that in the university classroom. Let the Democrat professors of rhetoric like Christina Romer and Paul Krugman make fine-sounding speeches and build castles in the sky there. But out here in the real world, we have to be more practical than that.
In other news, I note that naturalist High Priest Eugenie Scott is claiming that there is no evidence against Darwinism and global warming. God, save us from being ruled by flat-Earth religious nutcases. I don’t mind if they want to say these things in atheist churches, but the rest of us should NOT have to be ruled by their dangerous religious delusions. There’s a place for blind faith, and it’s not in legislature. They shouldn’t be subsidizing their religion with taxpayer dollars. Separation of church and state.