CNS News explains how well stimulus spending stimulates the economy.
The third federally subsidized green energy company to declare bankruptcy seems to indicate a pattern, said Rep. Cliff Stearns, chairman of the House Energy and Commerce subcommittee on oversight and investigations.
“One bankruptcy may be a fluke, two could be coincidence, but three is a trend,” Stearns said in a written statement. “Our investigation continues, and we are working to ensure taxpayers never are never again stuck paying hundreds of millions of dollars because of the administration’s risky bets.”
Ener1, which makes batteries for electric vehicles, announced Thursday it had filed for Chapter 11 bankruptcy protection. The company had been awarded a $118.5 million from the Energy Department through the American Recovery and Reinvestment Act, better known as the stimulus.
The Obama administration has already been under fire for a $535 million stimulus-funded loan it made to California-based solar panel company Solyndra, which filed for Chapter 11 bankruptcy protection last fall before being raided by the FBI. The House Energy and Commerce Committee has been investigating the Solyndra loan.Also late last fall, the Massachusetts-based Beacon Power, green energy storage plant that got $43 million in stimulus funds, filed for Chapter 11 bankruptcy protection.
Ener1 announced the Chapter 11 filing one year to the day that Vice President Joe Biden visited a Greenville, Ind. plant on Jan. 26, 2011.
If we want the economy to do well, then we need to elect someone who understands free market capitalism – not a socialist community organizer. Let the private sector create jobs. They know how to compete. They know how to survive. They know how to give customers what they want. They know how to be efficient.
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- Did Obama really create jobs with his green energy and stimulus programs?
- In Canada, a revolt against global warming socialism creates an economic boom
- E-mails reveal that Obama fundraiser discussed Solyndra loan with White House
- Another green energy firm goes bankrupt after getting $43 million loan from taxpayers
- E-mails show that Democrats were about to approve a second loan to Solyndra
- Report finds Labor Department’s green jobs program failing
- $737 million green jobs loan given to Nancy Pelosi’s brother-in-law
- This one graph should end the debate on wind and solar energy
- Obama to conduct campaign fundraiser with wind power stimulus recipient
- How well did Obama’s green jobs spending work out for taxpayers?
- Obama administration knew $535 million Solyndra loan was too risky
- Obama administration reworked Solyndra loan to favor private donors
- Solyndra CEO and CFO will refuse to answer questions in Congressional hearing
- Marsha Blackburn beats up Al Gore on cap and trade corruption