Green Stimulus Spending: A Litany of Failure

An ongoing theme of this blog is that green energy spending in the Stimulus was a gigantic waste of money. This is for one of two reasons: Invariably, either (1) a Members of Congress tried to influence Stimulus spending as a constituent service or (2) the Obama administration steered investments to friends and campaign contribution bundlers. Whether it’s parochial politics or crony capitalism, the results are the same—bad bets and taxpayer losses.

It takes a while to spend scores of billions of dollars, so the returns of the Stimulus are only now coming in…And they are terrible for proponents of venture socialism. Nary has a week gone by without another green Stimulus beneficiary hitting the skids. In previous posts, I’ve addressedthese failures in real time, as they’ve happened. I’ve compared this depressing litany of bankruptcies, layoffs, and production cutbacks to a green albatross burdening President Barack Obama‘s 2012 electoral prospects.

Last week, for example, we learned that engineers at Tesla Motors, which makes Brad Pitt’s favorite green car and also received Stimulus largesse, overlooked a fatal design flaw that easily renders the engine a “brick,” and therefore useless. This is what happens when the Energy Department operates an investment bank.

Yesterday, another government-picked “winner” announced it is “losing.” Reports Paul Chesser of the National Legal & Policy Center,

Yet another solar company that received loan guarantees from the Department of Energy has dismissed factory workers, lopping off 70 percent of its U.S. employees. Loveland, Colo.-based Abound Solar announced Tuesday it would lay off 280 workers at its production plant near Longmont, leaving 120 still employed. The start-up (2009) company attributed the cutbacks to the need for upgrades at the plant to manufacture more efficient solar panels, with plans to restore production levels and rehire most employees within six to nine months.

Mr. President, are you still sure that you want to “double down” on green energy?

Cooler Heads

2 responses to “Green Stimulus Spending: A Litany of Failure

  1. You forgot there has been winners out of President Obama’s policies. Bankruptcy lawyers must be ecstatic.

    I am FOIA

  2. There is no reason to believe Obama’s Stimulus plan wasn’t successful.

    The Smartest Man in the World surely knows that government is a throttle
    on the economy. Government cannot “stimulate” the economy, else we
    could direct GM to make tens of thousands of M4 Shermans, and Ford
    to make tens of thousands of B-24s. If the government throttled the
    economy less, the economy would grow, but it would not be “stimulus.”

    The purpose of Stimulus was to create a giant slush fund for the
    administration, to spend out any way they wanted to, without detail
    approval from Congress, as required by the Constitution. Just
    another “Enabling Act” giving dictatorial power to Herr Obama.
    Obamacare is just another Enabling Act.

    If a Republican wins the presidency this year, it is going to be very
    interesting to see how the Dems try to walk back all this stuff –
    dictatorial power is meant for the Dems only! Of course, the new
    Republican President may not have the guts, or even the interest,
    in rolling it back. That’s the fear many of us have of Romney.

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