I’ve always been a proponent of green energy that one day would save the planet from overheating while simultaneously creating millions of clean jobs. So thought, apparently, Obama’s administration, when they provided the solar company Solyndra with $535 million loan. What did they get in return? 1,100 laid off workers when Solyndra filed for bankruptcy in September.
That’s $486,000 of taxpayers—yours and mine—money per every job lost. Apparently, the Department of Energy didn’t have either time or expertise to evaluate the company before granting the loan. Did the federal government stray too far from its domain of competence by meddling with the private business?
Unless $1.09 million that Solyndra spent on lobbying played some role.
Someone is angry and someone feels guilty.
Executives from Solyndra the subject of multiple probes relating to a $535 million loan from the Obama administration, have backed out of a congressional hearing this Friday and are set to plead the Fifth instead of testifying.
Something is fishy. Something is neither clean nor green.
And Solyndra is not alone. According to Time magazine (October 10, 2011):
"Energy Department documents show that the $1.3 billion investment in the Oregon wind farm expected to create only 35 permanent jobs, while many other loan recipients hired fewer than 100 people. "
Can we continue going down this path? Yes, we can. Until 2012, at least.