Yet another loss for American taxpayers was announced on Friday over a green initiative--this time to the tune of $139 million.
Without subsidies, renewables cannot compete, so BP is bailing. Amy Grace, a New York-based analyst at New Energy Finance, said: “There’s limited visibility beyond 2014 about what the assets will be worth as a tax credit supporting turbines is set to expire at the end of this year.”
Here’s something that slipped through the cracks thanks to the fake drama that was going on during the fake fiscal crisis coming from our fake government in Washington, DC: Another fake green company boondoggle has resulted in federal dollars being spent on …nothing.
According to a 2009 study from Stanford University Energy Modeling Forum, “analysis…concludes that the advantages of increased jobs from renewable energy are vastly over-stated at costs prevailing today. It will require dramatic break-through in costs if renewable energy is to become a job generator.”
As more is learned, it becomes increasingly clear that the Administration used the Stimulus, and specifically the green energy loan program, as a campaign slush fund to distribute billions of dollars like party favors to supporters and to grandstand for reelection to a perceived constituency.
If Obama really cared about your progressive causes he wouldn’t have used the DOE program for a slush fund; he would have solved illegal immigration when he had a majority; he would have passed a healthcare bill that brought costs down; he would have closed Gitmo; he would have arrested Al Awaki; he would have declared war in Libya.
As the graphic represents, the DOE is busy processing nine more applications totaling $6.5 billion. As the chart shows, just 283 permanent jobs would result –at an average of nearly $23 million per job.
Forget about Dancing with the Stars. If Americans want to see some really fancy footwork, just watch the senior members of the Obama Administration as they do the hokey pokey. The President is, perhaps, the greatest dancer of all as he constantly talks about his policy goals, waves it all about, only to take it all back as he turns himself around
It’s no wonder that Pew Research Center found that 86 percent of Americans are either frustrated or angry with the federal government. Solyndra gives them 535 million more reasons. You’d think someone would have the common decency to apologize. Don’t hold you’re your breath waiting for one. The reaction from all the players ranges from defensive to offensive, from cavalier to incredible. No responsibility. No display of remorse.
In a preview of what’s likely to become a common occurrence in the Obama energy strategy, a California manufacturer of solar systems that was financed by a half-a-billion loan through the Obama administration announced that it would seek bankruptcy protection.