“Another stimulus-backed solar panel maker, one the president touted in a weekly radio address, lays off most of its workers. The definition of insanity is doing the same thing and expecting a different result.”
Investor’s Business Daily editorializes:
… The latest casualty is Abound Solar Manufacturing. The Longmont, Colo.-based recipient of a $400 million federal loan guarantee to expand solar panel production said Tuesday it is laying off 280 workers and delaying a new factory in Indiana. That amounts to a 70% reduction in its workforce.
The company says it’s merely restructuring. “We are facing tough market conditions and falling prices,” said Steve Abely, Abound’s chief financial officer, in remarks eerily reminiscent of Solyndra’s last will and financial testament.
Lost in the tap-dancing verbiage is the simple fact that solar power is not financially competitive without subsidies like Abound and Solyndra have received…