Excerpts from Investors Business Daily - January 19, 2012
While campaigning for the presidency in 2008, Barack Obama: "We'll invest $15 billion a year over the next decade in renewable energy, creating 5 million new green jobs that pay well, can't be outsourced and help end our dependence on foreign oil," he said that fall.
Three years into the Obama presidency ....... government pouring taxpayers' money into pet projects that wasted the cash. A particularly sore example is Solyndra, which not only went bankrupt after taking in more than $500 million in taxpayers' dollars, but also became the target of an FBI probe
..........at least 12 clean energy companies "are having trouble after collectively being approved for more than $6.5 billion in federal assistance."
........."Five have filed for bankruptcy: ........ Beacon, Evergreen Solar, SpectraWatt, AES' subsidiary Eastern Energy and Solyndra,"
Also in trouble: • Nevada Geothermalal, ..........• SunPower .......• First Solar, .......• Willard & Kelsey Solar Group.................• Green Vehicles ...............• Johnson Controls plant in Michigan
Failed green energy programs aren't uniquely American. Der Spiegel reported this week, "For weeks now, the 1.1 million solar power systems in Germany have generated almost no electricity."
Spain has had a similarly painful experience. For every green job that country created, it destroyed 2.2 jobs in the real economy.
Same in Scotland, where each alternative energy job has displaced four in the rest of the economy.
Read the full story:
http://news.investors.com/Article/598318/201201191838/green-dream-an-economic-nightmare.htm
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