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Obama Green-Tech Program That Backed Solyndra Struggles To Create Jobs
Washington Post ^ | September 14, 2011 | Carol D. Leonnig and Steven Mufson

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 ...


TOPICS: Business/Economy; Science
KEYWORDS: moneylaundering; obamastash; rainbows; skittles; solyndra; unicorns
Did you get that?

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.

1 posted on 06/08/2012 1:25:35 PM PDT by Windflier
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To: Windflier

5.6 mil per job


2 posted on 06/08/2012 1:30:39 PM PDT by Undecided 2012
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To: Windflier

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????


3 posted on 06/08/2012 1:32:39 PM PDT by Mr. K (I AM WRITING-IN PALIN/GINGRICH)
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To: Windflier

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?


4 posted on 06/08/2012 1:35:47 PM PDT by theBuckwheat
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To: Undecided 2012

38.6 Billion not 20 Billion. Roughly 10+ million per job.


5 posted on 06/08/2012 1:36:08 PM PDT by hflynn
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To: Mr. K

20bil divided by 3500 jobs is approx 6 mil per job
no calculator needed


6 posted on 06/08/2012 1:41:36 PM PDT by Undecided 2012
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To: Windflier

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 ..


7 posted on 06/08/2012 1:42:09 PM PDT by ATOMIC_PUNK (Any man may make a mistake ; none but a fool will persist in it . { Latin proverb })
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To: Windflier
Never think that the Democrats will give up on their "green energy" agenda.

MLPs: Leveling the Energy Finance Playing Field

8 posted on 06/08/2012 1:43:26 PM PDT by Eva
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To: Mr. K
ER!!!!! 65,000 was projected number of jobs. 3,545 was actual number of jobs which on my calculator is 10.88 million per actual job.
9 posted on 06/08/2012 1:44:33 PM PDT by hflynn
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To: Mr. K
$38B divided by 65,000 = $585,000 PER JOB Would someone PLEASE BUY THESE IDIOTS A FREAKIN’ CALCULATOR?

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.



10 posted on 06/08/2012 2:00:19 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: Windflier

Temporary jobs. The companies go down the toilet 18 months after obtaining the loans.


11 posted on 06/08/2012 2:05:10 PM PDT by Loyal Buckeye
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To: Windflier

Temporary jobs. The companies go down the toilet 18 months after obtaining the loans.


12 posted on 06/08/2012 2:05:42 PM PDT by Loyal Buckeye
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To: Undecided 2012
"giving out almost half the allocated amount"

$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!

13 posted on 06/08/2012 2:07:02 PM PDT by Uncle Miltie (The Presidential Race is about the relative light reflectivity of your Socialist Slavemaster.)
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To: Undecided 2012
5.6 mil 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...

14 posted on 06/08/2012 2:08:03 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: Windflier

Temporary jobs. The companies go down the toilet 18 months after obtaining the loans.


15 posted on 06/08/2012 2:18:38 PM PDT by Loyal Buckeye
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To: Windflier
has directly created 3,545 new, permanent jobs

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.

16 posted on 06/08/2012 2:20:04 PM PDT by Cicero (Marcus Tullius)
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To: Loyal Buckeye
Temporary jobs. The companies go down the toilet 18 months after obtaining the loans.

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.

17 posted on 06/08/2012 2:25:11 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: hflynn
65,000 was projected number of jobs. 3,545 was actual number of jobs which on my calculator is 10.88 million per actual job.

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.

18 posted on 06/08/2012 2:28:46 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: Windflier

Believe me if not spent the other half of the money will never be returned. It is all gonzo.


19 posted on 06/08/2012 2:37:17 PM PDT by hflynn
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To: Windflier
Like I said, any one of us could go out and create a working business that employed dozens of people for $585,000.

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.

20 posted on 06/08/2012 3:11:21 PM PDT by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: Windflier
Be sure you know what qualifies as a "Green Job" before you start investing that capital. It's easier than you think.

Darrell Issa explores the Obama administration definition of Green Jobs [Must see video]

21 posted on 06/08/2012 3:15:32 PM PDT by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: TigersEye
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.

You would if you intended to borrow the start up capital for someone, but I take your point.

For the kind of money Obama's throwing away, one could easily set themselves up in a business that's profitable, and which doesn't require your personal input to run.

Instead, the people who are taking these loans are paying off their cronies and creditors, setting up fake make-work projects, kicking funds back to Hope & Change 2012, and pocketing the rest. All perfectly legal, and about as criminal as anything we've ever witnessed.

22 posted on 06/08/2012 3:34:34 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: hflynn

yes, i know that- but when they REQUESTED the money someone should have done the math

The aftermath followed the “Govt. Rule of 10”: All governemtn spending ends up costing 10 times as much as originally projected


23 posted on 06/08/2012 9:21:54 PM PDT by Mr. K (I AM WRITING-IN PALIN/GINGRICH)
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