We’ll invest $15 billion over the next decade in renewable energy creating 5 million new green jobs, that can’t be outsourced and dependent on foreign oil—Obama 11/1/08.
Three years and billions in porkulus funds the scorecard a pathetic 7,140 green jobs created or retained according to Obama’s own EPS figures. Clean tech jobs accounted for just 2% of employment nationwide.
SOLYNDAR INC: 5/26/10 the true engine of economic growth will always be companies like Solyndra; he saw this as his green model. On 8/31/11. Solyndra abruptly fired its 1100 employees, shut its doors and announced it would file for bankruptcy. They were deeply in debt, was hemorrhaging cash and its business model was crap. PricewaterhouseCoopers audit noted “negative cash flows since inception”. It cost them $6 dollars to make a unit that they sold for $3. They got $535 million loan at a rate of 1.025%. Some of the cash conveniently recycled to “K” street. Nearly $1.9 million on lobbying activities over a period of 43 months from 2008 to 2011. It’s the tip of the iceberg.
EVERGREEN SOLARS INC:
Filed for chapter 11 bankruptcy on 8/15/01. They were the recipients of $58 million in direct subsidies and tax breaks, including federal stimulus funding. It has cut 800 jobs and is $485 million in debt with more job loses to come.
Salinas, CA. received $540,000.00 in city subsidies to produce an earth friendly electric car but closed last month without having produced a single vehicle. The company had promised to create 70 jobs and repay taxpayers via $700,000 a year in taxes.
EPV SOLAR, INC:
New Jersey Clean Energy Manufacturer of the Year in 2007 (solar panels). Filed for chapter 11 last year. They won a $500.000 interest-free loan form NJ.
CLEAN BURN FUELS LLC:
The $100 million ethanol plant in Raeford, NC was in operation for only 8 months when management announced it was blindsided by the high price of corn and shut down. On 4/4/11 the company filed for chapter 11 and on 8/22 if filed for chapter 7 to liquidate all assets. They got $3 million in incentives the company had collected $35 million in loan guarantees form the dept of Ag.
FISHER COACHWORKS LLC:
Won a $6 million DOE grant in 1/09. Michigan awarded the company $2.6 million green business loan. They never built any actual buses however by 4/10 they were out of cash. Flint granted @2.2 million cash to Fisher buses. The state had to write off @1.6 million it loaned.
TOLOPAH SOLAR COMPANY:
In Reid’s NV is getting a mere $737 million loan from Obama’s DOE. The project will produce a 110-megawatt power system and employ 45 workers or $16 million a job!
One of the investment partners in this is Pacific Corporate Group (PCG) and the Exec. Director is Ron Pelosi who is the brother to Nancy’s husband.
Hopewell Junction NY, solar cell manufacturer filed for bankruptcy protection on 8/9/11. The firm was given $500.000 grant from the National Renewable Energy Laboratory as park of the porkulus. NY State gave Spectra $6 million in economic inducements to move the company from Oregon. 3/10, Labor Sect. Hilda Solis declared, “to investing in greening our economy”, as “green jobs pay 10-20% more”.
Energy sect. Steven Chu called the weatherization a signature program. The Washington Examiner reports that DOE inspectors found substandard and fraud-ridden work in 14 of the 15 homes they visited that had been weatherized.
CEDA received $91 million to weatherize only 12,500 homes—over $7000 per house for work that should cost a few hundred dollars.
Todd Meyers of the Washington Policy Center observed the biggest problem with weatherization “is government is trying to create a market that consumers don’t want”
Seattle got a $20 million federal grant to weatherize 2,000 homes and create 2000 jobs. After a year three homes had been retrofitted and 14 new jobs created many of them administrative = one job for $1.4 million.
$186 million in federal stimulus money to weatherize drafty homes, created the equivalent of just 538 full time jobs. The economic Development Department in CA. reports that $59 million in state, federal and private money dedicated to green jobs training and apprenticeship has led to only 719 job placements, an $82,000 subsidy for each one.
U S forest service awarded $490,000 in stimulus money funding to the Urban Forestry Revitalization Project to plant trees and other greenery. It created 17 jobs. $30 billion in green handouts in the stimulus bill cost taxpayers about $475,000 per job.
On 9/17/11 the Washington Examiner noted that there are at least 16 more federal loans guarantees on entities like Solyndra, worth over $10 billion, “all approved by the same cast of characters at the White House and the US DOE.