Obama Green-Tech Program That Backed Solyndra Struggles To Create Jobs

Washington Post ^ | September 14, 2011 | Carol D. Leonnig and Steven Mufson

[Windflier]

Obama green-tech program that backed Solyndra struggles to create jobs

A $38.6 billion loan guarantee program that the Obama administration promised would create or save 65,000 jobs has created just a few thousand jobs two years after it began, government records show.

The program — designed to jump-start the nation’s clean technology industry by giving energy companies access to low-cost, government-backed loans — has directly created 3,545 new, permanent jobs after giving out almost half the allocated amount, according to Energy Department tallies.

President Obama has made “green jobs” a showcase of his recovery plan, vowing to foster new jobs, new technologies and more competitive American industries. But the loan guarantee program came under scrutiny Wednesday from Republicans and Democrats at a House oversight committee hearing about the collapse of Solyndra, a solar-panel maker whose closure could leave taxpayers on the hook for as much as $527 million.

The GOP lawmakers accused the administration of rushing approval of a guarantee of the firm’s project and failing to adequately vet it. “My goodness. We should be reviewing every one of these loan guarantee” projects, said Rep. Marsha Blackburn (R-Tenn.).

[TigersEye]

Be sure you know what qualifies as a "Green Job" before you start investing that capital. It's easier than you think.

Darrell Issa explores the Obama administration definition of Green Jobs [Must see video]

[Windflier]

You wouldn't have to have a business plan. You wouldn't have to know a thing about business. You wouldn't have to have the slightest idea what kind of business to start.

You would if you intended to borrow the start up capital for someone, but I take your point.

For the kind of money Obama's throwing away, one could easily set themselves up in a business that's profitable, and which doesn't require your personal input to run.

Instead, the people who are taking these loans are paying off their cronies and creditors, setting up fake make-work projects, kicking funds back to Hope & Change 2012, and pocketing the rest. All perfectly legal, and about as criminal as anything we've ever witnessed.

[Mr. K]

yes, i know that- but when they REQUESTED the money someone should have done the math

The aftermath followed the “Govt. Rule of 10”: All governemtn spending ends up costing 10 times as much as originally projected