Isn’t it hard to keep track of all of President Obama’s green energy failures. I don’t have time to go through all of my old posts to add them up. It’s been one after another. It wouldn’t be so bad if he weren’t “investing” our money and our kids’ future into all of these failed ventures.
Well, now Heritage has a list of every failed or failing venture Obama’s wasted our money on. And quite a list it is – billions and billions of taxpayer dollars have been thrown away. Hey, but at least his crony friends are happy.
The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market.
So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy. The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.
Go now and look at that list. It’s awful. What’s even worse is the way the left has attacked Mitt Romney for being a free-market venture capitalist.
The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy. (Read More)
Venture capitalists invest their own money and the money of the people they have to answer to. They don’t operate printing presses to hide what they’re doing from those they answer to the way the government does.
We have a little more than two weeks to correct this national mistake we’ve made. (Well, not us, but you know what I mean.) Things are looking up, but don’t take anything for granted. Do whatever you can to help candidates at every level who will put an end to this madness.