Obama’s green investments drown in red ink.
“We’ll invest $15 billion a year over the next decade in renewable energy, creating five million new green jobs that pay well, can’t be outsourced, and help end our dependence on foreign oil,” candidate Barack Obama pledged in a radio address on November 1, 2008. Three years and eight months later, as unemployment has exceeded 8 percent for 41 straight months, Obama seems incapable of keeping this promise. With the worst employment figures since at least 1948, when the Bureau of Labor Statistics started measuring them, Obama has made a dog’s breakfast of jobs — green and otherwise.
Consider three key Department of Energy programs. DOE’s website boasts that its “clean energy” initiatives — dubbed 1703, 1705, and Advanced Technology Vehicles Manufacturing (ATVM) — loaned $34.7 billion and launched “nearly 60,000” jobs. This totals a staggering $578,333 per position.
According to the Bureau of Economic Analysis, private employers pay workers, on average, $62,757 annually in wages and benefits. 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.