A year after it was passed, it has become painfully obvious to anyone with open eyes that the massive federal “stimulus” – along with several other trillion-dollar government interventions in the free market – has utterly failed to turn around America’s economy. In fact, all this massive infusion of taxpayer cash has done is deprive our consumer-driven private sector of much-needed oxygen, while sending our annual deficits and national debt soaring to previously unthinkable heights.
It’s the classic Washington approach to the economy. When times are good, politicians in both parties spend excessively. When times are bad? They spend uncontrollably.
As a result, at a time when families and small businesses were – and are still – forced to go without, government continues to grow by obscene levels, using every excuse in the book to justify its largesse.
Among those excuses?
I wrote on this issue just last month, making the fundamental point that investing billions in “Green Jobs” had failed to stimulate the economy (or create jobs), and that Barack Obama’s pledge to invest billions more in “Green Jobs” was the wrong answer moving forward.
This month, we’re discovering in detail why that is true.
According to a series of new reports, billions of dollars in “stimulus” money that was supposed to go toward creating “Green Jobs” here in America instead went to foreign-owned companies – who “created or saved” the vast majority of their jobs overseas. Obviously there is nothing wrong with America investing in foreign businesses, as protectionism is a recipe for disaster.
According to an ABC News report, though, almost $2 billion in “stimulus” funding has been spent so far on wind power, and yet 80% of that money has gone to foreign-owned companies.
“Most of the jobs are going overseas,” researcher Russ Choma told ABC. “According to our estimates, about 6,000 jobs have been created overseas, and maybe a couple hundred have been created in the U.S.”
In fact, despite receiving this windfall of “stimulus” cash, the U.S. wind manufacturing sector actually lost jobs in 2009, according to a year-end report by its professional association. Also, most of the jobs “created or saved” in America have been temporary construction positions, or “management” hires.
The real job creation (or job salvation, to use Obama’s disingenuous math) has taken place beyond our borders.