Waste billions more taxpayer dollars on the same failed “green” energy programs. That is Obama’s “solution” to rising gas prices. He “keeps dusting off the same tired old proposals — the very ones that have failed repeatedly in practice.”
Investor’s Business Daily suggests that “Before we let Obama take us for a drive down another fantasy lane, let’s review the results of his last bold effort to transform our energy economy.”
In 2009, Obama used the economic crisis as an excuse to pump $90 billion into grants, loans and tax credits for solar panel companies, battery makers, electric car startups, wind turbines and the like.
As today, he promised that this “investment’ would create new sources of energy, new jobs, and lower energy costs.
What did we get?
Solar panel maker Solyndra crashed and burned, taking $535 million in guaranteed loans with it. Battery maker A123 Systems filed for bankruptcy protection, after getting $249 million in grants. Fisker got huge loans for a promised electric car it never delivered.
And what about the promised new jobs? Businessweek analyzed records from the Department of Energy and determined that its $21 billion program produced at best 29,000 jobs – almost 3/4 million dollars per job. Even worse was the National Renewable Energy Laboratory, which spent almost $10 million for each job it “created”.