Wintery Knight

…integrating Christian faith and knowledge in the public square

Nancy Pelosi’s brother-in-law gets $737M of taxpayers’ money to build solar plant

From the UK Daily Mail.

Excerpt:

Nancy Pelosi is facing accusations of cronyism after a solar energy project, which her brother-in-law has a stake in, landed a $737 million loan guarantee from the Department of Energy, despite the growing Solyndra scandal.

The massive loan agreement is raising new concerns about the use of taxpayers’ money as vast sums are invested in technology similar to that of the doomed energy project.

The investment has intensified the debate over the effectiveness of solar energy as a major power source.

The SolarReserve project is backed by an energy investment fund where the Minority Leader’s brother-in-law Ronald Pelosi is second in command.

PCG Clean Energy & Technology Fund (East) LLC is listed as one of the investors in the project that has been given the staggering loan, which even dwarfs that given to failed company Solyndra.

Other investors include one of the major investors in Solyndra, which is run by one of the directors of Solyndra.

Steve Mitchell, who served on the board of directors at the bankrupt energy company, is also managing director of Argonaut Private Equity, which has invested in the latest project.

Since Solyndra has filed for bankruptcy has been asked to testify about the goings on at the firm by two members of the House and ‘asked to provide documents to Congress’.

[…]The project approval came as part of $1 billion in new loans to green energy companies yesterday.

Did they learn anything from Solyndra? No:

‘The administration’s flagship project Solyndra is bankrupt and being investigated by the FBI, the promised jobs never materialised, and now the Department of Energy is preparing to rush out nearly $5 billion in loans in the final 48 hours before stimulus funds expire — that’s nearly $105 million every hour that must be finalised until the deadline,’ said Florida representative Cliff Stearns, who is chairman of the investigations subcommittee of the House Committee on Energy and Commerce.

Since Nancy Pelosi took over federal spending in January 2007, the national debt has increased from $8.5 trillion to about $17.5 trillion. That’s NINE TRILLION dollars in new spending. And much of it just handed off to the people and groups who got the Democrats elected 2008 and 2012.

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Obama violates his own stimulus law by refusing to release status reports

The Weekly Standard reports.

Excerpt:

Have you heard much about President Obama’s $787,000,000,000 economic “stimulus” (now estimated to cost $831,000,000,000) lately?  In its last report, published in 2011, the president’s own Council of Economic Advisors released an estimate showing that, for every $317,000 in “stimulus” spending that had by then gone out the door, only one job had been created or saved.  Even in Washington, that’s not considered good bang for the buck.

Moreover, that was the fifth consecutive “stimulus” report that showed this number getting progressively worse.

Alas, that was the last report we’ve seen.  Never mind that Section 1513 of the “stimulus” legislation, which Obama spearheaded and signed into law, requires the executive branch to submit a new report every three months.  It reads:

“In consultation with the Director of the Office of Management and Budget and the Secretary of the Treasury, the Chairperson of the Council of Economic Advisers shall submit quarterly reports to the Committees on Appropriations of the Senate and House of Representatives that detail the impact of programs funded through covered funds on employment, estimated economic growth, and other key economic indicators.”

[…]By now, [the Obama administration] was supposed to have released fourteen such reports.  It has released only eight.  The last one covered the period ending in June 2011.  That’s right — 2011.

With only 58.6 percent of Americans currently employed — down 2.4 percent from the time of Obama’s first inauguration — it’s not surprising that the Obama administration doesn’t really want to fulfill it legal responsibilities and release subsequent reports on its failed “stimulus.”  However, it hardly seems fair — to use one of Obama’s favorite words — that the rich and (extremely) powerful think that they can choose whether or not to abide by the laws they spearhead and sign, while the rest of us are forced to obey them.

I’m not surprised by this, because we all know that Democrats are the biggest tax cheats ever. It’s not surprising to me that they pass laws that they have no intention of following themselves, because they are hypocrites. The laws are meant to stop others from succeeding, but Democrats themselves always seem to be exempt. Just like the waivers that the big labor unions got from Obamacare. Poverty for thee, but not for me.\

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9 reasons why the economy is not moving “forward” under Barack Obama

From the American Enterprise Institute.

Here’s the summary of the list of 9 items:

  1. Unemployment rate
  2. Declining U.S. labor force (structural unemployment/government dependency)
  3. Labor force participation rate
  4. Unemployment/population ratio
  5. Average hourly earnings of workers
  6. GDP growth
  7. Economic competitiveness
  8. Federal debt crisis
  9. Risk of renewed recession

And here’s the detail of one that I haven’t mentioned much before on this blog:

5. Average hourly earnings were unchanged in the August jobs report, and are up just 1.7% over the past year. Not only does that match the slowest pace on record, but one you account for inflation, wages are flat to down.

The graph:

Average hourly earnings for American workers down under Obama

Average hourly earnings for workers way down under Obama

According to Forbes magazine: (H/T Gateway Pundit)

New income data from the Census Bureau reveal what a great job Barack Obama has done for the middle class as President. During his entire tenure in the oval office, median household income has declined by 7.3%.

In January, 2009, the month he entered office, median household income was $54,983. By June, 2012, it had spiraled down to $50,964. That’s a loss of $4,019 per family, the equivalent of losing a little less than one month’s income a year, every year. And on our current course that is only going to get worse not better…

[…]Three years into the Obama recovery, median family income had declined nearly 5% by June, 2012 as compared to June, 2009. That is nearly twice the decline of 2.6% that occurred during the recession from December, 2007 until June, 2009. As the Wall Street Journal summarized in its August 25-26 weekend edition, “For household income, in other words, the Obama recovery has been worse than the Bush recession.”

[…]Obama has failed the poor as well as the middle class. Last year, the Census Bureau reported more Americans in poverty than ever before in the more than 50 years that Census has been tracking poverty. Now The Huffington Post reports that the poverty rate is on track to rise to the highest level since 1965, before the War on Poverty began. A July 22 story by Hope Yen reports that when the new poverty rates are released in September, “even a 0.1 percentage point increase would put poverty at the highest level since 1965.”

Gateway Pundit adds:

Barack Obama is not just the food stamp president.
A record one in seven Americans is on food stamps today thanks to Barack Obama.

Barack Obama is also the poverty and pain president.
Under Obama, 6.4 million Americans are living below the poverty line and there is a record number of Americans living in deep poverty.

Meanwhile, Moody’s is threatening a credit downgrade:

Moody’s Investors Service said Tuesday that it would probably cut its triple-A rating on U.S. government debt by a notch unless congressional leaders can strike a budget deal in the coming months to bring down the deficit.

“If those negotiations lead to specific policies that produce a stabilization and then downward trend in the ratio of federal debt to GDP over the medium term, the rating will likely be affirmed,” Moody’s said in a press release Tuesday. “If those negotiations fail to produce such policies, however, Moody’s would expect to lower the rating, probably to Aa1.”

The threat comes after one of the other big three ratings firms, Standard & Poor’s, downgraded the U.S. last year following the brawl in Washington over the debt ceiling.

This would be the second credit downgrade – both occurred because of Obama’s Marxist policies of “spreading the wealth around” to punish job creators and their employees.

Are you better off now than you were four years ago?

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CBO: each job created by stimulus cost between $4.1 million and $540,000

Here’s the latest Congressional Budget Office report. (H/T American Enterprise Institute)

When [the American Recovery and Reinvestment Act] was being considered, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation estimated that it would increase budget deficits by $787 billion between fiscal years 2009 and 2019. CBO now estimates that the total impact over the 2009–2019 period will amount to about $831 billion.

By CBO’s estimate, close to half of that impact occurred in fiscal year 2010, and more than 90 percent of ARRA’s budgetary impact was realized by the end of March 2012. CBO has estimated the law’s impact on employment and economic output using evidence about the effects of previous similar policies and drawing on various mathematical models that represent the workings of the economy. …

On that basis CBO estimates that ARRA’s policies had the following effects in the first quarter of calendar year 2012 compared with what would have occurred otherwise:

– They raised real (inflation-adjusted) gross domestic product (GDP) by between 0.1 percent and 1.0 percent,

– They lowered the unemployment rate by between 0.1 percentage points and 0.8 percentage points,

– They increased the number of people employed by between 0.2 million and 1.5 million,

– They increased the number of full-time-equivalent jobs by 0.3 million to 1.9 million. (Increases in FTE jobs include shifts from part-time to full-time work or overtime and are thus generally larger than increases in the number of employed workers.)

We spend $831 billion taxpayer dollars to create between 200,000 to 1.5 million jobs. That works out to a cost-per-job number of between $4.1 million and $540,000.

Go socialism! Our children can afford to pay for our generation’s irresponsible wastefulness, right? I mean the ones we don’t abort, of course.

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Green firm that got $1.46 billion in bailouts announces 2000 layoffs

Doug Ross linked to this Washington Examiner article about First Solar.

Excerpt:

First Solar, a solar energy company that received a $1.46 billion loan guarantee from the Department of Energy, announced today that it will layoff 2,000 workers in the United States and world-wide.

The company will  “indefinitely idle” four production lines in Malaysia and shutter a plant in Germany. “These actions, combined with other personnel reductions in Europe and the U.S., will reduce First Solar’s global workforce by approximately 2,000 positions, about 30 percent of the total,” First Solar announced today.

“After a thorough analysis, it is clear the European market has deteriorated to the extent that our operations there are no longer economically sustainable, and maintaining those operations is not in the best long-term interest of our stakeholders,” said Mike Ahearn, Chairman and Interim CEO of First Solar, in a statement.

In December, First Solar laid off 100 employees at a Santa Clara , Calif., plant. The DOE has committed $1.46 billion to a project in Riverside County, California expected to create 15 permanent jobs and 550 construction jobs.

The Washington Examiner’s Tim Carney reported last month that the Export-Import Bank also subsidizes First Solar, helping the company “to sell solar panels to itself” by having a Canadian solar company “wholly owned” by First Solar by its parent company’s products.

Selling solar panels to a wholly-owned Canadian subsidiary??? YES.

Excerpt:

A heavily subsidized solar company received a U.S. taxpayer loan guarantee to sell solar panels to itself.

[…]First Solar is an Arizona-based manufacturer of solar panels. In 2010, the Obama administration awarded the company $16.3 million to expand its factory in Ohio — a subsidy Democratic Gov. Ted Strickland touted in his failed re-election bid that year.

Five weeks before the 2010 election, Strickland announced more than a million dollars in job training grants to First Solar. The Ohio Department of Development also lent First Solar $5 million, and the state’s Air Quality Development Authority gave the company an additional $10 million loan.

After First Solar pocketed this $17.3 million in government grants and $15 million in government loans, Ex-Im entered the scene.

In September 2011, Ex-Im approved $455.7 million in loan guarantees to subsidize the sale of solar panels to two wind farms in Canada. That means if the wind farm ever defaults, the taxpayers pick up the tab, ensuring First Solar gets paid.

But the buyer, in this case, was First Solar.

A small corporation called St. Clair Solar owned the wind farm and was the Canadian company buying First Solar’s panels. But St. Clair Solar was a wholly owned subsidiary of First Solar. So, basically, First Solar was shipping its own solar panels from Ohio to a solar farm it owned in Canada, and the U.S. taxpayers were subsidizing this “export.”

How did this company get such a huge taxpayer-funded bailout from the Obama administration?

Because, like Solyndra and SolarReserve, etc., First Solar is linked to Democrats.

Excerpt:

First Solar founder and Chairman Michael Ahearn, whom Reuters reported cashed in $68.9 million of his company’s stock last month, has donated $123,650, along with his wife, to the Democratic Party and Democratic candidates during the three most recent cycles, mostly in Arizona.

The solar energy giant, the nation’s biggest, also spent more than $1.5 million lobbying Congress and the Obama administration since 2009 on the stimulus and subsequent green-jobs plans. This included approximately $400,000 paid to the Washington Tax Group, which also represented Solyndra.

If you click through on that article, you can read about how SolarReserve is linked to former Speaker of the House Nancy Pelosi’s brother-in-law, Ronald Pelosi and to Tony Podesta,  the brother of John Podesta — who ran Barack Obama’s presidential transition team. This is the energy policy of the Obama administration: stop drilling, stop coal, stop nuclear, stop pipelines, and give taxpayer money to people who can get you elected. All the Democrats do is provide bailouts for Democrat-connected businesses and subsidize exploding Chevy Volts built by overpaid unionized auto workers. That’s it. That’s their plan.

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