Secretary Chu tells Sen. Franken that he can’t discuss the details and advises the senator to speak with SAGE. A frustrated Sen. Franken takes another crack at getting Chu to explain the holdup, but doesn’t get anywhere and his speaking time runs out. Anyhow, the exchange is sad commentary on the state of affairs in Washington. Sen. Franken sitting there singing the virtues of handing out other people’s money to commercial interests in general would have been problem enough. That he instead used his time to grovel for a handout to a company in his state just goes to show that too many policymakers see the federal government as a favor dispenser.
If this company is producing such “amazing tech,” then perhaps Sen. Franken should lend SAGE some of his money? (Maybe he could use the royalties he receives from DVD sales of “Stuart Saves His Family” to help the company.) Wisecracks aside, a quick Google search shows that SAGE has already received private capital. If this company is so great then it should have no trouble finding additional investors to lend it the money it needs. Then again, Franken says that it’s running out of money so perhaps it isn’t so great. But that’s the way Washington works: taxpayers get the losses while private companies get the profits…and arrogant senators get to pat themselves on the back for “creating jobs.”
See here for more on downsizing the Department of Energy.