More Green Jobs Scandals Keep Popping Up
Recorded on March 6, 2012
From The Heritage Foundation, I'm Ernest Istook.
It's not just Solyndra. Other green energy groups are following the same pattern. They burn through huge wads of tax dollars, pay big bonuses to executives, who make handsome campaign contributions, and then the companies go belly up. There are no profits, so workers get laid off once the federal subsidies are spent.
Green jobs are disappearing faster than solar power during a thunderstorm. For example:
Solyndra sucked up $535-million and went bankrupt.
Beacon Power grabbed $43-million and went bankrupt.
EnerDel got $118-million and they're in bankruptcy.
Almost 20 green energy companies have gone belly-up--so far. A White House study says there's another $3-billion in risky loans. In total, the Treasury has funded almost $8-billion in green jobs loans, and they plan to disburse another $15-billion.
Solyndra was the first green jobs scandal, but now we've got plenty of others.
From The Heritage Foundation, I'm Ernest Istook