Two more green stimulus companies have announced layoffs, adding to the long list of tax-payer backed green energy firms by the Obama administration.
FoxNews reports that the "foreign owned" companies received "a combined $84 million in Energy Department tax credits". SunTech (China) and SolarWorld (Germany) can be added to the list of many, many other companies that have either announced layoffs or claimed bankruptcy since the initiative began in 2009. It is a terrible track record. And Americans should know about it.
Solyndra was probably the most publicized failure, and with good reason. The company received $535 million and lost 1,861 jobs. The failures of the initiative are not limited to bankruptcy and layoffs, sadly.
Outsourcing and U.S. Taxpayer Funds Going Abroad
Senators Chuck Schumer (D-NY), Sherrod Brown (D-OH), Bob Casey (D-PA), And Jon Tester (D-MT) "Said That More Than Three-Fourths Of $2 Billion Spent On Wind-Energy Projects Supported By The Stimulus Package Had Gone To Foreign Companies," as reported by the New York Times. The concerns about the amount of taxpayer dollars did not stop there, as reported by the Investigative Reporting Workshop and ABC News, "According to our estimates, about 6,000 jobs have been created overseas, and maybe a couple hundred have been created in the U.S."
Watch the Senators express their concerns here:
Other criticisms include cronyism, as "...fully 71 percent of the Obama Energy Department's grants and loans went to "individuals who were bundlers, members of Obama's National Finance Committee, or large donors to the Democratic Party." Despite the President's assertion that the Department of Energy made the sole decision to invest in the green energy companies based on merit, and not politics, a little reported (no surprise there) email exchange was reported by CompleteColorado that reveal that the White House wanted to remove "Abound Solar" forward.
Environmental initiatives are undoubtedly positive and creating affordable clean energy is a noble goal. But it is a goal best left to the private sector. The Green Stimulus program was flawed from the start.
Photo Source: SolarPowerWorldOnline