In 2008, Barack Obama promised that if he was elected president that he would create 5 million ‘green jobs.’ He was going to create a market of companies that would produce environmentally friendly or ‘green’ products including solar panels, energy storage units, wind generators, geothermal energy units and other green products.
Once elected, Obama directed the Department of Energy to start funding a number of these companies to help create jobs and promote the green movement. The DOE started handing out millions of taxpayer dollars to these companies like Planned Parenthood hands out contraceptives to school kids, i.e. millions being handed out with seemingly no questions asked. The number of companies lining up for the government’s money looked like the day-laborers standing on a Phoenix street corner.
The president’s program is starting to see the rewards of its efforts. Frist Solyndra files for bankruptcy after receiving $535 million in DOE loan guarantees and then National Renewable Energy Lab is being forced to cut back and layoff 200 or so workers after receiving approximately $1.064 billion dollars in federal grants and loans in the past few years.
Now, the Massachusetts based Beacon Power Corp has filed for bankruptcy only one year after receiving $43 million in federal loan guarantees. And auditors are reporting that Nevada Geothermal Power has ‘significant doubts about the company’s ability to continue as a going concern.” Nevada Geothermal Power recently received $66 million in government grants and $79 million in federal loan guarantees.
When I add all this up, I get approximately $1.787 billion of taxpayer money that has been spent on Obama’s green program that so far has a net result of 2 bankruptcies, 1 possible bankruptcy and 1 significant downsizing. Additionally, the 4 companies mentioned above are accounting for somewhere between 500-1000 jobs lost.
Obama’s green jobs program is looking like every other one of his programs in that it is costing taxpayers billions of dollars for nothing but more headache and woes. If a top executive in any company around the world had a track record of costly failures only half of what Obama has, that top exec would have been out of a job a long, long time ago.
America’s government needs to run more like a business and get rid of the people that can’t run it the way it should be run elect others that will be fiscally responsible as if running a business.