Posts Tagged ‘stimulus’
Solyndra among five Obama stimulus firms to go bankrupt. Three of the firms were “green jobs” alternative energy firms.
FOX NEWS: Solyndra, the solar panel company whose highly publicized failure and consequent investigation by federal authorities has flashed across headlines recently, isn’t the only business to go belly up after benefiting from a piece of the $800 billion economic stimulus package passed in 2009.
At least four other companies have received stimulus funding only to later file for bankruptcy, and two of those were working on alternative energy.
Evergreen Solar Inc., indirectly received $5.3 million through a state grant to open a $450 million facility in 2007 that employed roughly 800 people. The company, once a rock star in the solar industry, filed for bankruptcy protection last month, saying it couldn’t compete with Chinese rivals without reorganizing. The company intends to focus on building up its manufacturing facility in China.
RAW VIDEO: Watch buffoon Obama praise Solyndra, which the FBI now believes was a criminal enterprise.
QUESTIONS: Is the purpose of the FBI raid to cover up the scandal and bury it? Or will we actually find out what happened to our tax money?
Obama jokes about his failed economic program: ‘Shovel-ready was not as … uh … shovel-ready as we expected’
The question here is: Did Obama and his team know there were no shovel-ready projects when he was selling us this snake-oil? Or was he lied to . . . and then just unwittingly passed the lie onto us?
Of course, even if there had been shovel-ready projects, what would this have really done for the economy?
These projects don’t create permanent jobs. And very often the projects really aren’t needed. They are make-work jobs, not real jobs.
What’s needed are new business-start-ups that create real jobs that are permanent . . . because they’re jobs the market tells us actually need doing.
Almost all new jobs are created by small business — especially new business start-ups. But hardly any businesses are starting up in the Obama economy.
He thinks that’s funny. Are you laughing?
FOX NEWS: President Obama’s Council on Jobs and Competitiveness met today in Durham, NC at Cree Inc., a company that manufactures energy-efficient LED lighting. One of the Council’s recommendations to President Obama was to streamline the federal permit process for construction and infrastructure projects. It was explained to Obama that the permitting process can delay projects for “months to years … and in many cases even cause projects to be abandoned … I’m sure that when you implemented the Recovery Act your staff briefed you on many of these challenges.”
At this point, Obama smiled and interjected, “Shovel-ready was not as … uh .. shovel-ready as we expected.” The Council, led by GE’s Jeffrey Immelt, erupted in laughter.
CNS: jobs created and saved by the economic stimulus law that President Barack Obama signed on Feb. 17, 2009 cost at a minimum an average of $228,055 each, according to data released yesterday by the Congressional Budget Office (CBO).
In a report released Wednesday—“Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from October Through December 2010”—the CBO said it now estimates the stimulus law cost a total of $821 billion, up from CBO’s original estimate that the stimulus would cost $787 billion.
POLITICO: Senate Majority Whip Dick Durbin (D-Ill.) on Sunday called new proposed spending expected to be rolled out in President Obama’s State of the Union address part of a stimulus.
“It’s part of a stimulus. but we’re sensitive to the deficit,” Durbin said on “Fox News Sunday” when asked by host Chris Wallace about the president’s expected plans to call for more spending for infrastructure, education, research in his State of the Union address Tuesday night to a joint session of Congress.
Noting his support for the president’s deficit commission recommendations, Durbin said Congress should be cautious about large spending cuts until the economy is showing sustained patterns of growth.