Income Redistribution: Of Green Schemes and Shams
Paybacks to the Green weenies at taxpayer expense.
Reports have surfaced that tie the Obama administration to a massive green energy stimulus scam by a failed California solar panel manufacturer whose billionaire majority owner happened to be a major fundraiser for the 2008 Obama-Biden campaign. Solyndra Inc. left taxpayers on the hook for $390.5 million by reneging on its promise to create 3,000 construction jobs and 1,000 manufacturing jobs. Instead of creating the president's utopian green manufacturing economy, Solyndra announced Nov. 3 that it planned to postpone expansion, close a plant and lay off workers. According to Energy and Commerce Committee Chairman Fred Upton (R-MI) and Oversight Subcommittee Chairman Cliff Stearns (R-FL), Solyndra should never have received a stimulus-guaranteed loan of $535 million. You don't say.
The Obama administration's government payback of its own campaign fundraiser's "green" enterprises -- that predictably never turn a profit -- has yet to prompt this administration to make meaningful efforts to stop fraud and waste. The government has no legitimate business trying to fund new industries and unproven startups. Sad how the Obama administration's green energy stimulus schemes continue to be financial calamities for the taxpayers.
Thanks to the Patriot Post