Solyndra is just the tip of the iceberg
Obama's Green Tech 38.6 billion dollar boondoggle has created only a few thousand jobs. The buck never stops at Obama's desk (but bucks flow to donors, allies, blue states, union workers operating under expensive Bacon-Davis mandates, and other political allies).
From Carol Leonnig and Steven Mufson of the Washington Post:
A $38.6 billion loan guarantee program that the Obama administration promised would create or save 65,000 jobs has created just a few thousand new jobs two years after it began, government records show.
The program - designed to jump-start the nation's clean-technology industry by giving energy companies access to low-cost, government-backed loans - has directly created 3,545 new, permanent jobs after giving out almost half the allocated amount, according to Energy Department tallies.
There are a number of defenses that companies and administration officials give to justify the risks taxpayers have assumed. None of them sound solid.
Here is one example:
Renewable-energy firms say many other workers and companies have prospered by being part of the supply chain. BrightSource Energy, for example, a developer of utility-scale solar-power projects, is the recipient of a $1.6 billion loan guarantee, the second-biggest awarded so far; it says it has purchased goods in 17 states...
Even the BrightSource project, which employs 700 construction workers now, will employ only 86 people on a permanent basis...
Muro said administration-supported projects "that may have been honorable investments in technology were sold as short-term job creators for political reasons," he said. "Exaggerated expectations about jobs were set."
The eventual cost of the loan guarantee program for taxpayers remains unclear. If the revised 60,000 target is reached, it would work out to about $640,000 in loan guarantees for every job created or saved. These financing guarantees were approved by Congress as part of the American Recovery and Reinvestment Act.
If the companies do well, they won't need to draw on the guarantees and won't cost the government anything. But if the companies go bankrupt, as Solyndra did, taxpayers will be on the hook.
Anyone care to wager that 60,000 jobs will not be created or "saved"? Even if that number is reached, each one of those jobs will cost taxpayers almost $650,000 in loan guarantees.
What did each taxpayer get for his or her money? Not even a T-shirt.
There will be a large number of bankruptcies. They will cost the taxpayers many billions of dollars.
Apart from the loan guarantee program the Department of Energy has a separate $33.7 billion appropriation that has been busy giving away money outright.
Where will all our money have gone?