So, why does the Energy Department have an agency created to gamble away our money – $500 million to date – on schemes it admits are “too risky for private-sector investment”?
On August 2, the Department of Energy (DOE) announced the latest “investment” of its Advanced Research Projects Agency-Energy (ARPA-E) project: $43 million in funding for the development of energy storage technology.
According to a DOE press release, ARPA-E has already doled out $500 million on projects that no self-respecting private business would gamble on (emphasis added):
“ARPA-E was launched in 2009 to seek out transformational, breakthrough technologies that are too risky for private-sector investment but have the potential to translate science into quantum leaps in energy technology, form the foundation for entirely new industries, and have large commercial impacts.”
In Obama’s latest campaign ad he promises to CUT the budget by 4 trillion dollars if he’s reelected. If anyone believes that they’re stupider than a stump.