Gov’t Awards Nearly $19 Billion in Loan Guarantees…to Create 3,545 Green Jobs
- Posted on September 15, 2011 at 7:56pm by
Buck Sexton
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The $38.6 billion loan guarantee program Obama said would create 65,000 jobs only created 3,545, according to Energy Department records reviewed by the Washington Post.
Since 2009, approximately $9.6 billion has been awarded in loan guarantees to companies in the green energy sector, and an additional $9.2 billion has been set aside as conditional commitments, according to Bloomberg.
Despite the current job numbers, DOE officials claim that the loan program is still “on pace” to create or save about 60,000 positions.
Even if all of the 20 companies that have won loan guarantees meet their projections, which given recent bankruptcies in the “green” industry appears highly unlikely, that would still only “create or save ” a total of 8,050 workers.
If somehow the money already spend or allocated would push the job numbers to 60,000, the cost to the taxpayer would still be $640,000 per job, according to the Post. As it stands now, the cost per job created or saved (in loan guarantee money) is around $5 million.
In response to the storm of accusations that its loan projects have produced abysmally few jobs, DOE spokesman Damien LaVera said the current numbers do not reflect the “tens of thousands of indirect jobs these projects created up and down the supply chain, or the countless additional jobs that depend on America staying competitive with countries like China in the clean-energy race.”
The collapse of solar-panel manufacturer Solyndra earlier this month has created a firestorm of controversy around the entire DOE loan program. An overview of the program and its components shows that it is comprised of:
“Three separate programs: the Title XVII Section 1703 and Section 1705 loan guarantee programs, and the Advanced Technology Vehicle Manufacturing (ATVM) loan program…under all three programs, DOE has issued loans, loan guarantees or offered conditional commitments for loan guarantees totaling over $32 billion to support 32 clean energy projects across the United States.”
In the aftermath of Solyndra, the public has started to view the DOE loan programs as a government-mandated giveaway of taxpayer dollars to companies that are favored by the Obama administration.
But the $535 million loss that Obama and Solyndra will drop onto the heads of average Americans appears to be just the tip of the iceberg. The White House has apparently decided that the implosion of Solyndra signals it’s time to double-down on green energy guarantees.
The administration does not appear chastened by the massive failures of the stimulus’ green jobs boondoggle. On the contrary, there are signs that the Obama administration plans to close out 15 green energy loans in haste to beat a September 30th deadline. The administration has already put $18 billion at risk, but if it doesn’t move fast enough, it might be unable to hand out the rest.
Right now, it seems the administration will use the same logic for green jobs handouts as they do for the rest of the failed stimulus — it could work, if more money is spent. That’s because the money is only paid out if the company fails, which is exactly what happened with Solyndra.
But that raises the question: If the Department of Energy has to guarantee investors will get money back when you go under, are you running a good company in the first place?
It seems the primary accomplishment of the promised money so far — the nearly $19 billion (found by adding the figures mentioned by Bloomberg) – of green energy loans is the creation of new government instrument: Uncle Sam now promises to pay off the tab before a clean energy company has even run it up.
When it comes to green energy, Obama may have been preparing a “Preemptive Bailout.”
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Comments (125)
mikenleeds
Posted on September 15, 2011 at 8:42pmthis is king obama way of paying back the unions by stealing us blind ,, IMPEACH OBAMA
Report Post »chips1
Posted on September 15, 2011 at 9:03pmI hope his STASH comes from SOROS, because I ain’t paying for this crap. He can pimp Michelle. Every quarter helps.
Report Post »CatB
Posted on September 15, 2011 at 9:17pmI agree .. if this isn‘t HIGH CRIMES then I don’t know what is! IMPEACH AND IMPRISION!
TEA!
Report Post »CatB
Posted on September 15, 2011 at 9:20pmMake certain any liberal or union member you know gets this information .. 5 million per job should even shock them!
TEA!
Report Post »jimtrees
Posted on September 15, 2011 at 9:51pmobama makes Bernie Madoff look like a petty thief. Strapping a mattress to michelles back might bring hope, but very little change.
Report Post »db321
Posted on September 15, 2011 at 9:55pmWell some of the projects were not as Green ready as we thought. Ha Ha.
Report Post »hidden_lion
Posted on September 15, 2011 at 10:06pmIf you know a union person get them to quit the union. Get them to get their friends to quit. Maybe they can form a competing union to run the commies out of business. Anyone in the unions is directly supporting the communist overthrow of America.
Report Post »Wayne
Posted on September 15, 2011 at 10:31pmAMEN, Him and that low life he is married to would look good in prison or swinging from a tree in the jungle.
Report Post »Caniac Steve
Posted on September 15, 2011 at 11:08pmBoth Houses of Congress are also to blames as they created the loan guarantees in the first place..In a way this is a good thing. why ? we, the people are all but completely woke up politically speaking so that what BOTH Houses of Congress has been doing to us for over the last 100 years and BOTH Political parties has just as much blood/crap on their hands as the other one does..too bad there isn’t a ” viable’ 3rd party many legal americans could join and support. Something to seriously consider isn’t it ?
Report Post »ProbIemSoIver
Posted on September 15, 2011 at 11:55pm@Caniac Steve
Report Post »Why do we need to change the parties, or look to a third, when all we have to do is boot ALL of these CRIMINALS !!!
Should we throw the baby out with the bathwater?
GETLIFE
Posted on September 16, 2011 at 2:18amWhat a great program! “We PROMISE to set aside all of this taxpayer money for you. All you have to do is FAIL.” What could go wrong?
Report Post »Detroit paperboy
Posted on September 16, 2011 at 2:56amWelcome to DETROIT ON STEROIDS….
Report Post »Incompetent , corrupt , inept, socialist ,
Marxist, crack smokin DEMOCRATS…..
W.T. F. were we thinkin ?
ConsiderThis
Posted on September 16, 2011 at 4:30amI find the demeaning comments directed at the First Lady to be very offensive.
Report Post »Surely we’re better than that.
Most of us that post here want to express our displeasure at the policies and procedures of President Obama and his administration.
We can do a much better job of presenting our arguments if we leave out the rude and often disgusting personal attacks.
carnifex
Posted on September 16, 2011 at 5:17am@Consider This
Maybe so many disparaging comments wouldn’t be heading towards Moochie, if she wasn’t costing us $10 mill a year for her frequent, and lavish vacations? This taking separate planes on this last one was just over the top in my book. She was soooo busy trying to work out McDonalds kids meal menus that she oculdn;t wait a few hours for Barry to get home? I heard their next vacation, they were going to book the Vatican for the month, but only going to use it for the week.
Report Post »Meanwhile Barry is going to Denver for the Defcon 1 practice scheduled for Sept 27. You know, the day comet Elenin is going to be aligned with the sun, Mercury, and Earth. You’ve seen Elinin right? Oh wait, if you tried to see it on Google Sky, they have the image blacked out? Well anyway, Denver is safe from the earthquakes… what earthquakes?? The series of increasingly stronger ones we’ve been getting this past week, that the LSM hasn’t told you about. why shoot, just yesterday there were what 5, 6 all over the world. But nothing to see here.. move along, move along.
decendentof56
Posted on September 16, 2011 at 7:19amI’m thinking more and more that R Paul has to be the next Pres. I don’t like his foreign policy completely, but we have GOT to get back to Constitutional government ASAP.
Report Post »Obama is a racer, and an absolute traitor and hater of America.
HKS
Posted on September 16, 2011 at 7:53amPitiful, just pitiful.
Report Post »princeman26
Posted on September 16, 2011 at 8:30amThere is a REAL alternative energy source available. Google Andrea Rossi, his nickel power plant gives 10-1 power, clean. Amazing real solutions are never made available, perhaps big oil and gas, don’t want there to be alternatives?
Report Post »fcbs46
Posted on September 15, 2011 at 8:39pmIt seems that he built a Preemptive Ballot not a Preemptive Bailout. It all goes back to reelection.
Report Post »mikenleeds
Posted on September 15, 2011 at 8:44pmobama forced those loans to pay back his Chicago union mob friends .. they stole that money and we ll never get it back
Report Post »loriann12
Posted on September 16, 2011 at 6:46amWe’ll see that money at the bottom of Democratic donation lists.
Report Post »princeman26
Posted on September 16, 2011 at 8:31amThere is a REAL alternative energy source available. Google Andrea Rossi, his nickel power plant gives an incredible 10-1 power, clean. Amazing real solutions are never made available, perhaps big oil and gas, don’t want there to be alternatives?
Report Post »Tired of Code Names
Posted on September 15, 2011 at 8:38pmOh, and by the way….before the Green Building Council and LEED was legislated…..those Architects and Engineers would design a building to code….which is very close to what a LEED building is anyway….if the Owner was willing to spend that much……and now…..we have two more new beuracracies….sucking off of the hind tit of America. They created new jobs for themselves…..yes….they certainly did. You just have to know the right folks in big government and promise to make a return on the investment if the government representative allows your plan to be legislated. All in the name of saving the planet of course……
Report Post »Tired of Code Names
Posted on September 15, 2011 at 8:50pmSorry. Typing to fast. Designing to building code is what architects and engineers do. Building Code is very close to the newly exaggerated things the Green Building Council and LEED dictate in their newly found legislated requirements. My point was that we now have not only the building code officials overseeing design……we now have the legislated Green Building Council and LEED folks doing the same thing…..all trying to carve out a different niche’ to justify their existance. Three beuracracies governing the same design and construction process…..And don’t get me started on the EPA……millions of dollars wasted on every project of substance to keep the tree huggers happy…..
Report Post »Ella
Posted on September 15, 2011 at 8:34pmThe best way to describe Barack Hussein Obama is, he is like a teenager away at college with his parents’ credit crad. Yes, he is obviously trying to destroy America so he can Change it to the communist country of his parents’ dreams. It’s really hard to believe how so many people thought change is always good. There is one good thing from this president’s election;. at least we found out how horrible a lot of other politicians really are.
Report Post »TEA in 2012 No Perry, No Romney, No Rinos and definitely no DemocRats
chips1
Posted on September 15, 2011 at 9:09pmIf you equate America as your parents, Obama would be the Mendez brothers.
Report Post »MIBUGNU2
Posted on September 16, 2011 at 12:19amNo one will say it, But I will Now,,,,IMPEACH OBAMA….
The MEDIA is trying to turn a blind eye to all THIS…..
A bunch of Chicago Thugs and unions running the Country….
What the hell did everyone expect, hang on to your azz’s,
it’s going to get real bumpy !!!!
Report Post »shorthanded12
Posted on September 15, 2011 at 8:34pmAll this was payback for the ceo who was nothing more than kissing Barrys ass. Just like Slick Dick Trumka and rest of the public service unions.
Report Post »Somebody like ISSA and Grassley better look into TESLA MOTORS and SPACE X, Tesla Motors received $440 Million from the Dept of Energy for there $55,000 electric SE Sedan. Another Al Gore, Clinton, Boxer, Barry supported green debockle. These people that approved all this waste should be sharing cells with Bernie Madoff. The Federal Government Is out of control and continues to foster Treasonist activities.
CatB
Posted on September 16, 2011 at 12:28amI agree .. if this is TREASON than what is!
TEA!
Report Post »chasbronson
Posted on September 16, 2011 at 8:29amThere are so many treasonous acts by this administrtion that you can’t count them on two hands.They have padded the pockets of each other through these types of dealings from the beginning.The American people have been violated,from stimulus,Libya,gun runner,and hundreds in between .The democratic party and all that are associated wth it should be tried for treason and exiled from this country.
Report Post »majorsco
Posted on September 15, 2011 at 8:28pmWhy didn’t the crime boss in the white house just pay a million people $50,000 a year to stay home and worship at little Obama idols in their bedrooms. At least a million people would have been employed and it wouldn’t have cost a $trillion of new debt spending.
Report Post »commonsenseguy
Posted on September 15, 2011 at 8:36pmmost in congress are on the soros communist payroll, and will not bite the communist hand that feeds them.
Report Post »texascav
Posted on September 15, 2011 at 8:27pmWow, almost $5 million per job…….. what a deal………… Obuma you are soooooooooooooo smart…….
Report Post »Just another failure…….. by the Buma
Amazingoly
Posted on September 15, 2011 at 8:25pmCongress, not the dictator in the White House, needs to put a halt on ALL the Green job programs that are in action, because there is too much corruption as evidenced recently. All who are involved should be arrested and sent to prision. And the taxpayers want all their money returned.
Report Post »LinkedIn G
Posted on September 15, 2011 at 8:25pmSolar panels that cost $6 to make and sell for $3 … How much did the Chevy Volt cost for each one sold ? Green Energy is a starry eyed dream. And … libbytards call conservatives the ones who ” don’t get it.”
Report Post »J.C. McGlynn
Posted on September 15, 2011 at 8:31pmI believe that the Volt cost $40,000 to make and GM tried to sell it for $41,000 just to get people to buy them.
Report Post »RA0725
Posted on September 15, 2011 at 9:49pmI read that the actual production cost of a Chevy Volt is around $81,000. Because the government subsidized the initial 10,000 units with $400 Million and is offering tax incentives of $7500 you can buy one for as low as $33,500. (Chevy loses money on each unit unless further subsidies are provided)
Report Post »Snowleopard {gallery of cat folks}
Posted on September 15, 2011 at 8:22pmWhat else should be expected from the administration and his break the nation into socialism views?
Report Post »http://artinphoenix.com/gallery/grimm (cat folk art)
commonsenseguy
Posted on September 15, 2011 at 8:32pm@snow, thanks for answering my question, i will be posting there some also, a fried told me about {trevor loudon / neal zeal } . all we can do is seat back and watch him and his cronies continue to push their communist agenda, they have 17 months to continue their destruction of our liberties. and they are just cranking their high powered communist motor, and man they will speed right through our freedoms, i hope and pray we can hold them off for another 17 months, it will be hard and we will need every patriot to get on board and help stop this communist machine before it is to late.
Report Post »have a good night and a great day tomorrow, and please pray for all the people here in Texas that have3 loss everything from the fires and continue to pray for rain,
THANKS, SNOW ..
ColoradoMaverick
Posted on September 15, 2011 at 8:21pmCongress needs to pass a new tax law: If you vote democratic, then you should be required to pay 90% of your income in taxes to support your party. If you vote Republican, you should pay 10%.
Report Post »AJAYW
Posted on September 15, 2011 at 8:33pmI would go for that
Report Post »Netsurfer2
Posted on September 15, 2011 at 8:21pmWe should just block him in every way from spending anything! It’s all about more tax and spend when many are struggling to make it if not already at the poverty level. Just another way of control.
Report Post »commonsenseguy
Posted on September 15, 2011 at 8:20pmi just wonder why they would not give every american 10,000 dollars each { or some where in the neighborhood } and lets use use it for paying bills and buying things we need, the money would be better spent { than wasted } the money would create jobs, keep business open and a lot more, i know that would be to easy, and i know that some will say,that most will just seat on the money,so what, it still better than wasting it on stupid green jobs, that cost 640,000 dollars a person, this is just non sense,the government does not create jobs, damn, with all the wasted stimulus money,and bail outs,we are no better off, if they would have just let us have some of the money,we could have helped stave off this crisis ,but hey, that would have been to easy,and remember “” it is what the government wants ,not what the people want,the government is the one who will decide what is best for the country not the people. what a bunch of communist mud sucking B S .
Report Post »TNcommonsense
Posted on September 15, 2011 at 9:50pm@Commomsenseguy I absolutely agree and have wondered why didn‘t they do that with the money given how they’ve wasted it. I don’t know 300million people in the country…I would have stimulated the economy with my share :) $300million sounds like a bargain now.
Report Post »chasbronson
Posted on September 16, 2011 at 8:48amWell if you look at where the money goes.Follow the trail.When these ridiculous amounts of money are first legislated ,then appropriated ,then regulated,to a particular project,It goes to a special elite group of Obama butt kissers who have had some part in getting him to the top.The money is conned from the stupid consenting half of the American people(the half who produce nothing),taken from the half who do produce something,and given to the elitists in the form of ridiculous salaries bennies and such.Which the consenting half is not all stupid ,because they are beneficiaries of the noney also.The money makes it to the now socialist democratic party in return for passing the legislation.The circle continues.The treasuries are robbed “legally”.
Report Post »thegr8restoration
Posted on September 15, 2011 at 8:17pmBarac Obam Commander and Theif!
Report Post »jb.kibs
Posted on September 15, 2011 at 8:26pmyes, the commander and thief.
Report Post »kryptonite
Posted on September 15, 2011 at 11:04pmcommander of thieves
Report Post »bigdeg
Posted on September 15, 2011 at 8:17pmI for one cannot wait until Obamacommie is up for election. Currently my vote is leaning toward Herman Cain, Palin if she jumps in. Besides Cain’s 9-9-9 plan the best idea I have heard is an independant prosecutor whos job it is to police the Executive and Legislative branches of govt, only answerable to the Supreme court!
Report Post »antiencenom
Posted on September 15, 2011 at 8:25pmI’d vote for a can of paint before Commie Zero
Report Post »thegr8restoration
Posted on September 15, 2011 at 8:15pmWe can’t afforde 4 more years of this guy! Hell we can’t afford 1 more year of this guy! HOW DO WE GET OBAMA OUT OF OFFICE NOW!?
Report Post »antiencenom
Posted on September 15, 2011 at 8:33pmVery steady rest (+_+)
Report Post »MrKnowItAll
Posted on September 15, 2011 at 8:15pmWe should have separated the Libs from the Consers. 310 million people in the U.S. Give everyone one millions dollars and whoever has nothing left after a year never get’s Government help again!
Report Post »Dug2Dark
Posted on September 15, 2011 at 8:15pmLucky for me , I still have a job PT. I have an Associates Degree in Accounting & could come up with way better plans than bho’s jobs plan, don’t even need one of those teleprompter things. Am truly sickened by bho & the direction of the country.
Report Post »Tired of Code Names
Posted on September 15, 2011 at 8:12pmHmmm….Wonder what all those cool aid drinking LEED Ap Certified Professionals……..who are suddenly out of their architectural and mechanical engineering jobs…….due to the ecomonomy….despite what they were promised……are thinking about the $650,000 dollar jobs being created…….yet they are out of a job. I know many of them……Things that makes you go hmmmm…. and now the ironic thing is the cool aid drinking folks are now sobering up and wondering where all that money is going when they are out of a job….
Report Post »commonsenseguy
Posted on September 15, 2011 at 8:25pm640,000 dollars a job, and they the person, 15,000 to 30,000 dollars a year, the question is where did the rest of the money go, who benefited from it,???? this is a crock of bull crap.
Report Post »barber2
Posted on September 15, 2011 at 8:12pmThis is what happens when a Socialist makes an investment ! No wonder these guys hate capitalism: they just don’t “get it !” ( unfortunately , they are making these bad investments with OUR tax money1 ) ….
Report Post »thegr8restoration
Posted on September 15, 2011 at 8:09pmUn f-ing believable!
Report Post »theyarenotmeopinion
Posted on September 15, 2011 at 8:05pmdoesn’t anyone get it. They stole that money just like all the rest of it. people in this country are just a bunch of livestock, and put up with anything
Report Post »jb.kibs
Posted on September 15, 2011 at 8:25pmit’s true.. i‘ll be suprised if someone doesn’t get shot for these thefts… you can only get away with it so much before people start sitting outside with shotguns waiting for your a$$ to steal from them.
Why aren’t the police doing anything about this either? this is the biggest crime wave in the history of mankind. noone has ever stolen BILLIONS of dollars. that is just insane.. what level of theft is that?! it’s way more than grand theft, i can tell ya that much.
i honestly hope obama trips into the limo one day and breaks a ball on the door. just saying. he really needs kicked in the nuts.
Report Post »tobywil2
Posted on September 15, 2011 at 8:03pmThe proposals to combat “GLOBAL WARMING” have more potential to destroy our freedom and prosperity than any issue since WORLD WAR II. The cost of energy is increased by all these proposals. Energy is contained in all the products used to sustain our lives.
These proposals will be devastating to the poor, where the cost of survival consumes all their income.
Do you realize that these proposals are to combat an issue that has not even been proven to exist?
AND YOU LAUGH AT DON QUIXOTE?
THESE PROPOSALS WILL ONLY ENHANCE THE POWER OF THE “PEERS.” “CAP AND TRADE WILL DESTROY YOUR WEALTH AND FREEDOM!!
BRACE YOURSELF, THOMAS PAINE, REJOICE YOU “PEERS” THE TYRANNY OF
KING GEORGE III IS BEING RESTORED BUT UNDER NEW MANAGEMENT!
Click on http://commonsense21c.com/images/GLOBAL_WARMING_SCAM.jpg to see a cartoon that exposes the objective of the Global Warming Scam,
Report Post »WireWizard
Posted on September 15, 2011 at 8:02pmSee? Government spending DOES create jobs.
Report Post »jb.kibs
Posted on September 15, 2011 at 8:18pmso let’s see. we just gave 300+ million to a solar company that has declared chapter 13… and now we are going to give billions to this one? who owns this company? and where’s our money from the last failed company? this is a GRAND theft felony on a scale noone can even fathom.
Report Post »jessieH
Posted on September 15, 2011 at 7:59pmObama is either a complete moron, or he is trying to destroy our country, our way of life. Either way, he needs to go!
Report Post »