Wednesday, September 28, 2011

Green jobs a bargain at … $23 million per?

So far, the number of jobs created through Barack Obama’s green-tech stimulus programs have remained far below administration estimates, and at a far higher cost. - HotAir

Instead of creating 65,000 jobs with $38.6 billion, the first half of the money has created less than 3600 jobs at a cost of $4.85 million per position. Investors Business Daily notes that even this looks like a bargain compared to the deals that the Department of Energy is about to approve with the remaining funds in its green-tech subsidy programs... Read The Rest...

Inefficiency isn’t the only problem with this model, either. Taxpayers will have to pay off the bonds created to give away this cash... Had we not borrowed this money to feed Obama’s green-jobs-explosion delusions, taxpayers in the future would have that capital to invest, expand and create businesses, and create jobs that make far more efficient use of the capital than $4.853 million per worker. We have not only failed in the present, we have set ourselves up for failure in the future as American capital has to get redirected into paying off the debt Obama hung on us for his green-jobs subsidy program.

That’s Obamanomics in a nutshell. Which is, by the way, exactly where it belongs.
- Investors Business Daily

The Energy Department on Wednesday approved federal loan guarantees for two green energy projects totaling more than $1 billion. It approved $337 million for a Mesquite Solar project in Arizona and $737 million for a Solar Reserve project in Nevada. The projects would create a total of 52-55 permanent jobs, according to earlier DOE figures and company statements.

Solyndra Watch and the First Rule of Holes; Update: $1 billion in new DOE loans approved - Michelle Malkin