One of the enduring themes of the Obama jobs programs has been the need for the USA to produce green jobs. Indeed, the Obamacrats spent billions and billions to promote those green jobs. The first company to receive federal support was Solyndra, a solar panel manufacturer that was supposed to create numerous American jobs as it expanded. Obama and the Obamacrats provided over half a billion dollars to Solyndra to help it "expand". Of course, it was no coincidence that the principal investors in Solyndra were big contributors to Obama's 2008 campaign. The president even visited the Solyndra facility in California last year to tout the effectiveness of his green jobs initiative.
So much for that. Yesterday, Solyndra filed for bankruptcy. 1100 people lost their jobs. The taxpayers lost the $585 million dollars that Obama had put into the company. It was a total disaster.
So what do the Obamacrats have to say about this? They blame the bankruptcy on Chinese competition. Imagine that! Market forces thwarted their green jobs initiative.
How dumb can they be? Anyone who understands economics knows that no amount of subsidies will permit a higher cost manufacturer to survive in the long term. Solyndra either needed a better product or a less expensive one if it were to survive. Apparently, it had neither. All it had was politically connected investors who asked their friend in the White House for some money and got over half a billion dollars from the taxpayers. I wonder how much Obama's friends made on this deal. It will be interesting to see if they got their money out while Obama let the taxpayers' money go down the drain with this scheme.
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