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Saturday, September 24, 2011

One chart to rule them all: the provable idiocy of the "green energy" agenda

A House of Representatives report entitled "The Empty Promise of Green Jobs" eviscerates the entire Obama environmental agenda.

In the fall of 2008, then-candidate Barack Obama made a campaign promise to jumpstart the economy with an influx of green jobs... The President has kept his promise to spend billions of borrowed dollars on green energy, but his promises that such spending would create a new, self-sufficient industry capable of providing millions of jobs for Americans have proven empty.

...Two years later, the President’s promise of millions of jobs stands in stark contrast with reality. As a recent report from a Bay-Area news organization made clear, green jobs predictions are “proving a pipe dream.”

...Since its introduction in the 2009 stimulus bill, the Department of Energy (DOE) has issued $40 billion in new loan guarantees for private-sector loans for renewable energy projects that might not otherwise have been market-viable. Already, multi-million dollar projects, initially labeled as successes, have failed:

• The first renewable energy loan guarantee recipient, solar start-up Solyndra, received a loan guarantee for $535 million in the fall of 2009, even after repeated warnings from federal financial analysts. In the spring of 2010, it failed to complete its initial public offering after an independent audit questioned the ongoing viability of the firm. Then, in the fall of 2010, the firm closed one of its manufacturing facilities and laid off 180 workers. Finally, the firm declared bankruptcy and laid off 1,100 employees only 15 months after Obama visited a company factory.

• Beacon Power, received a $43 million loan guarantee in July of 2009. Since then, its stock price has dropped by 90 percent – a period during which the NASDAQ exchange on which it is listed has increased by 40 percent. The company has not been in compliance with NASDAQ listing requirements, leading to a delisting determination from the exchange.

• First Wind Holdings, received a $117 million loan guarantee in March of 2010. First Wind withdrew its initial public offering in October of 2010, due to a lack of investor demand. According to the Boston Globe, investors shied away from the company because “First Wind owes more than $500 million, loses money on a steady basis, and reports a negative cash flow.”

Even in the midst of these failures, DOE has been advertising additional loan guarantee recipients, announcing a $1.2 billion loan guarantee to another solar company just one day after the FBI raided Solyndra’s offices. Congressional investigators are initiating a review to examine how many future Solyndras have been already financed by this loan-guarantee program or approved through shoddy review, and how can we prevent future examples of this kind of wasteful federal spending.

Did government invent the wheel?

Did government invent the steam engine?

Did government invent the automobile?

Did government invent the airplane?

No, drones: the free market did. The free market, private property rights, supply and demand, all contributed to individuals making decisions that changed the nature of power generation and consumption over the centuries.

It wasn't a central planner cutting checks. It wasn't a bureaucrat dictating a five-year plan. It wasn't an accountant placing bets on unproven technologies.

It was the free market.

Tell your friends, tell your family, tell your co-workers: in 2012, we must eradicate the Obama Democrats' culture of corrupt, crony capitalism.

That is, if you want America to survive.


Hat tips: TrendingRight and Power Line.

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