Posted on 06/08/2012 1:25:23 PM PDT by Windflier
Obama green-tech program that backed Solyndra struggles to create jobs
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 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.
President Obama has made “green jobs” a showcase of his recovery plan, vowing to foster new jobs, new technologies and more competitive American industries. But the loan guarantee program came under scrutiny Wednesday from Republicans and Democrats at a House oversight committee hearing about the collapse of Solyndra, a solar-panel maker whose closure could leave taxpayers on the hook for as much as $527 million.
The GOP lawmakers accused the administration of rushing approval of a guarantee of the firm’s project and failing to adequately vet it. “My goodness. We should be reviewing every one of these loan guarantee” projects, said Rep. Marsha Blackburn (R-Tenn.).
(Excerpt) Read more at washingtonpost.com ...
After loaning out almost $20 Billion dollars of taxpayer money, Obama's green energy program "...has directly created 3,545 new, permanent jobs..."
If I'm doing the math right, that comes to $564,000 per job. Any one of us could fund a new small business that would employ dozens of people with that sort of money.
If I've ever seen an example of government waste, inefficiency, and gross incompetence (not to mention outright fraud), this is it.
5.6 mil per job
right from the start this was a stupid idea
$38B divided by 65,000 = $585,000 PER JOB
Would someone PLEASE BUY THESE IDIOTS A FREAKIN’ CALCULATOR????
In 2010, the median US household income was $52,026 meaning that for every $1 million of government spending, the entire annual income of all the jobs that would be held by about 20 median households would be consumed.
To the extent that government spending of $1 million creates more than 20 jobs, that spending was a net positive and “sustainable”, a concept the left loves to scold the rest of us about about.
To the extent that $1 million produces less than 20 jobs, that spending was a net negative and destroyed jobs.
And the score for this project was what exactly?? Hello?! Anyone in the media care to answer? Anyone?
38.6 Billion not 20 Billion. Roughly 10+ million per job.
20bil divided by 3500 jobs is approx 6 mil per job
no calculator needed
In my opinion a green job would be anything to do with making supplements for health out of plants found in the wild THAT is a green job everything else is experimental fodder ..
Like I said, any one of us could go out and create a working business that employed dozens of people for $585,000.
Draw up a business plan in which you propose to create one permanent job for every $585,000 you borrow, and watch how hard you get laughed at. Only a total leftist ideologue with no experience in the free market would think that such an investment could work in the real world.
Temporary jobs. The companies go down the toilet 18 months after obtaining the loans.
Temporary jobs. The companies go down the toilet 18 months after obtaining the loans.
$38.6B
Divided by 2 ("half the allocated amount")=
$19.3B
Divided by 3,545 jobs =
$5,444,000 per job.
That OVER $5 Million PER JOB!
So, my mental calculation was off by a factor of ten, eh? That means that the waste in Obama's green jobs program is ten times worse than I thought.
Give me $5.6 Million dollars, and see what sort of business I can crank out with that. Not only would I become wealthy, I know that I could help a lot of other people get there too.
I want to scream...
Temporary jobs. The companies go down the toilet 18 months after obtaining the loans.
Until more of these subsidized companies go bankrupt, and they lose their jobs. I'd say that $10 million per job is an optimistic estimate.
It's outright theft and fraud on a scale that's never been seen in this country. If the Romney campaign has a lick of sense, they'll start talking about this now, and keep it up until the whole world wraps their head around this crime.
Only half of the money's been spent so far, so it's only a mere $5.6 Million Dollars per job.
Heads need to roll, and bodies need to go to prison for this.
Believe me if not spent the other half of the money will never be returned. It is all gonzo.
You wouldn't have to have a business plan. You wouldn't have to know a thing about business. You wouldn't have to have the slightest idea what kind of business to start.
The first job you create is to hire a business consultant. With $10.88 million in capital to work with you could hire a half a dozen or more of them. You could pay yourself a $100k per year to stay the heck out of their way.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.