.

Green Jobs Stimulus Program?

The Recovery Act and the green jobs stimulus program did create some jobs. At a cost of hundreds of thousands to millions of dollars per job it has not proven to be cost-effective.

The Obama Administration is on the ropes and their bent in their programs may be a body blow that inflicts serious damage to the chances that President Obama gets re-elected. 

Solyndra, a Silicon Valley company, that manufactured solar panels had applied for government loans.  The Department of Energy loan guarantee program started in 2005.  The program was supposed to provide funding to retrain the workers to compete with foreign technology advances.  The Bush administration had not approved the loan guarantee.

President Obama took the oath of office on January 20, 2009.  gave preferential treatment to like-minded companies and businesses.  From the beginning, Solyndra, seemed on a path of bankruptcyThe Obama administration ‘fast-tracked’ the application process for Solyndra.  Solyndra, in 2009 continued to struggle due to overhead that was approximately 200% of the revenue

The Obama administration approved its first green jobs stimulus loan, a $535 million loan guarantee for the struggling company.  Solyndra also approached the administration to contract the purchase of solar panels.  The government did not agree to purchase solar panels.  Solyndra spent $527 million of the loan guarantee.

Last week Solyndra filed for chapter 11 bankruptcy protection. Today, the Solyndra executives reversed their decision to cooperate with the Congressional committee investigating the loan.  The executives have exercised their Fifth Amendment right to remain silent.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

DAY September 29, 2011 at 04:50 PM
...and guess which multi-billionaire owns millions of shares of Petrobras?
sadielee September 29, 2011 at 06:51 PM
So Brazil has the best of both worlds. Oil as an export and ethanol as a fuel source.
DAY September 29, 2011 at 08:34 PM
I've read that the production and consumption of some ethanol can be worse for the environment than the production and consumption of gasoline. Don't know if it's true. But I have a real problem with the concept of deliberately diverting food for energy rather than feeding humans. I've seen Rio's favelas up close; people are hungry there. Until there's a solid breakthrough that creates a real alternative, petroleum remains the cheapest most efficient fuel.
Alex Tytler September 29, 2011 at 09:13 PM
Was in the corn business and looked at ethanol in the 80's. Made no economic sense at that time unless you got massive subsidies. The corn lobby made sure it got massive subsidies. Government picking winners we all have to pay for.
Patriot Northeast November 25, 2011 at 03:48 PM
Follow the money. This is nothing more than what as become typical from the most corrupt administration in history.

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