Aug 272012
 
in_the_red

How much is “going green” costing the red, white and blue taxpayers? There’s probably not a soul on Earth that can answer that question with any fair degree of accuracy. We all know the Solyndra debacle will cost the taxpayers a bundle. Estimates range between $300- $500 million, depending on who you ask.

Consider this, too. Deroy Murdock, in a piece at the National Review Online, using the Bureau of Economic Analysis and the Department of Energy as sources wrote that Big Brother spent “$34.7 billion and launched “nearly 60,000” jobs. This totals a staggering $578,333 per position.”

Efficiency at its best, eh?

Murdock concludes, “So, Obama is “creating jobs” at 922 percent of the private sector’s cost of employing workers for a year. For every green job that Obama supposedly spawns with taxpayer dollars and borrowed Chinese money, private enterprises could hire nine people.”

Ouch.

Here’s a quick look at the accomplishments of Biz-wiz Barack and Big Brother, Incorporated.

Abound Solar was approved for $400 million in loans and used $70 million for thin-film panels. In early July, Abound Solar filed Chapter 7 and prepared to dump 125 workers and close its doors.

In Michigan, Energy Conversion Devices got a $13.3 million stimulus tax credit in January 2010. Showing love to its creditors like only a heartless corporation can, it filed Chapter 11 on Valentine’s Day.

Ener1 in Indiana deposited a $118.5 million stimulus grant in August 2009. Vice President Joe Biden took to the microphone praising the electric-car-battery company when he stopped by for some face time on January 26, 2011. Exactly one year later, January 26, 2012, the company flew the white flag and filed Chapter 11 bankruptcy.

In Massachusetts, Beacon Power Corp. was bright as a light when it scored a $43 million loan guarantee in October 2010. In October 2011, just a year later, the light dimmed when it filed Chapter 11 bankruptcy.

In Utah, Raser Technologies jumped for joy when it got a $33 million stimulus grant in February 2010. Jump ahead 14-months to April 2011 and  Raser Technologies declared Chapter 11 bankruptcy.

Aptera Motors had a great idea and approached the Feds for a loan but guidelines forced the proposal to be rejected. After much lobbying, arm-twisting and poopy-fits, wording was changed that allowed the loan to be approved. If Apetera could raise $150 million in private capital, the Feds would kick in another $184 million. What was Aptera’s inspired idea? It wanted to manufacture 3-wheeled electric cars. Aptera failed to sell its plug-in tripod to profit-seeking private investors — go figure — and closed down in December 2011.

Solar Trust was driven to be an integrated solar industrial solutions company — you know, “we do a little of this and we do a little of that”. The Department of Energy, showing its business acumen, put a $2.1 billion loan on the table for Solar Trust. There’s differing accounts — you could call it a a public-relations battle — over whether Solar Trust failed to meet private capital benchmarks or — because companies do this all the time — voluntarily walked away from the $2 billion loan. Either way, Solar Trust  filed for Chapter 11 in April.

And then there’s Rick Lewis. In 2002, he was convicted of 31 counts of theft and then filed for bankruptcy in 2003. Yet the EPA issued his company, Mountain Plaza, Inc., an award letter for $424,000 big ones in May 2009. It was some gobbledegook that had to do with plugging trucks in at a rest stop rather than have the trucks left running and burning diesel fuel.

Anyway, a year later, in May 2010, after defaulting on a $2 million loan, Mountain Plaza was sued and then filed for bankruptcy on June 3, 2010. It also owed $18,000 to the IRS, $5,000 to the Tennessee Department of Labor and Workforce, $35,000 to the Tennessee Department of Revenue and $17,312 to the Jefferson County Trustee. Amazingly, Mountain Plaza got the $424,000 in stimulus funds 12 days after it declared bankruptcy.

So a convicted thief that has declared bankruptcy that owns a company that defaulted on a $2 million loan, owed numerous government agencies thousands of dollars and declared bankruptcy — got approved for stimulus money. Take a moment, I understand.

How did this happen? Well, it turns out the EPA did not require financial information or criminal background checks be disclosed on grant applications. And the folks at the Tennessee Department of Transportation, also involved with the application process, swear they will improve the screening process for future grant applicants — they promise. Oh, and they cross their heart, too.

Are you concerned? You should be. This is your money being wasted — carts and carts full of cash — by bureaucrats with often no more business credentials than fund-raising for a candidate or volunteering for a campaign. These clowns that are forcing America to go green are putting taxpayers in the red.

Bumbling bureaucrats as business barons is a free market heresy and, regardless of whether a Democrat or Republican is in the White House, it is time for the people demand this absurdity come to an end.

 

 Leave a Reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>