DOE Trying to Use $6.5 Billion in Loans to Create 283 Jobs

Bob Beauprez
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Posted: Sep 29, 2011 12:01 AM

Repeatedly throughout the 2008 presidential campaign, Barack Obama made the claim that he would "create 5 million 'green jobs; will invest $150 billion over ten years to deploy clean technologies, protect our existing manufacturing base and create millions of new jobs." 

The growing Solyndra scandal focused renewed attention on Obama's go-green obsession, and has sparked at least five high-profile investigations, including the FBI. 

If there is any good news, it would be that thus far Obama hasn't blown through $150 billion – yet.  But, he's also well short of creating 5 million green jobs. 

According to Investor's Business Daily, about $10 billion has been committed.  The Department of Energy says just over 2300 permanent jobs are or will be created as a result.  That amounts to about $4.3 million per job.  In fairness, a number of construction jobs also benefitted from the funding, but are temporary, rather than permanent funding.

The program that has funded green loans like Solyndra and others expires on September 30, so the DOE is scrambling to get billions more out the door.  As the following graphic represents, the DOE is busy processing nine more applications totaling $6.5 billion.  Estimated numbers of permanent jobs to be created are required from applicants as part of the application program.  As the chart shows, just 283 permanent jobs would result – at an average of nearly $23 million per job. 



Source: http://www.investors.com/NewsAndAnalysis/Article/586155/201109271759/DOE-Mulls-Loans-For-Green-Projects-At-23-Mil-Per-Job.htm


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