Posted on 03/14/2016 5:12:33 PM PDT by jazusamo
When taxpayers lost more than a half-billion dollars on the failed solar manufacturer Solyndra, they were understandably upset. But Solyndra isn’t the only corporate body in the graveyard of green bankruptcies. And more are surely on the way.
Over a decade ago Congress created a loan-guarantee program that allows the Department of Energy (DOE) to gamble taxpayers’ money to promote “clean” energy projects. The 2009 stimulus package created a new loan-guarantee program that expanded the pot of money available.
Many of the companies taking advantage of the program also rake in a wide assortment of other state and federal tax credits and grants. Throw in various mandates and you get an idea of how government has been rigging the energy markets from both supply and demand angles.
Yet even with a rigged game, some green companies still can’t win — and more are barely holding on. Take Abengoa, for instance. The company has already received $2.65 billion in loan guarantees for two solar projects. It recently released a “Viability Plan” seeking another $1.85 billion in creditor support to avoid bankruptcy.
Abengoa’s largest creditor is the U.S. taxpayer, with the Federal Financing Bank on the hook for more than $2.34 billion.
Taxpayers aren’t the only ones who lose out. Deserving projects that lack the government stamp of approval could miss out on private funding. A dollar invested in a taxpayer-backed project cannot simultaneously be invested into another company. DOE loans and loan guarantees pull capital out of the market and dictate who should receive it.
(Excerpt) Read more at washingtontimes.com ...
Is there anything the American taxpayer not on the line for?
Mortgages, student loans, roads, pensions, overseas payments, the never-ending bureaucracies, the militarization of our local police forces, Fusion centers, litigation against Apple to have access to my personal data, education, cameras everywhere, metal detectors everywhere, my white privilege, what?
What more do they want or need? What is submission?
Toll roads. Higher gas taxes. Special “temporary” taxes...
You owe, you owe, so off to work you go...
Who else?
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