Yet the mainstream media seem curiously uninterested in reporting on “outsourcing” by the Obama Administration, which has (1) outsourced stimulus monies to create jobs in foreign nations, (2) outsourced U.S. foreign policy to U.N. and (3) outsourced our kids and grandkids financial future to pay for his unprecedented spending binge.
The Obama Stimulus has turned out to be an exercise in Venture Socialism . Unlike Venture Capitalism, in which investors risk their own capital to help companies launch and grown, Venture Socialism is when the federal government loans other people’s money (the taxpayers’) to companies. If the company pans out, the government gets the money back. If it goes belly up, the taxpayers—who had no say in the transaction—lose.
The federal government should not have made these loans in the first place, to domestic or foreign companies. After the decision was made to loan to companies in the name of helping to stimulate the American economy, some of these loans ended up funding projects in foreign nations and employing non-American workers.
Fisker Automotive was the beneficiary of Venture Socialism and a classic example of the outsourcing of jobs to the tune of $529 million in federal loans. The California-based company, partially owned by the Qatar Investment Authority, took the money and outsourced the job of actually making its cars to a plant in Finland. In a free market, Fisker has the right to do that but government lending is not a free market. Was the loan the right thing to do for taxpayers?
If you’re looking for a great-looking ride with a faulty battery and a $100,000 price tag, Fisker’s Karma just might be the car for you. If you’re looking for a return on your tax-dollar investment, though, you’d best look elsewhere.