An investigation by the Energy and Commerce Committee has revealed that, for political reasons, the White House rushed a $528 billion federal loan to solar firm Solyndra, which went bankrupt two weeks ago. Taxpayers should be outraged.
Americans know their nation is facing many disquieting problems: high unemployment, a government debt spiraling out of control, and a recently downgraded credit rating, to name but a few.
Under the Obama administration, energy subsidies and tax breaks have grown enormously. The EIA reports that the value of direct federal interventions and subsidies in energy markets doubled between 2007 and 2010, growing from $17.9 billion to $37.2 billion. Big energy companies don't need these government handouts.