The American Spectator

home
ADVERTISEMENT
Print Email
Text Size

The Spectacle Blog

Countering WaPo’s front page story showing deep and intense White House involvement in rushing through $535 million in taxpayer dollars to the brainchild of major Obama contributor George Kaiser, failed solar panel boondoggle Solyndra, today’s E&E Daily has a story (subscription required) “Democrats launch counteroffensive on Solyndra.”

The hand-waiving effort — Schwarzenegger was a fan! A Solyndra exec is a registered Republican! The program Obama abused was originally created by Congress during George W. Bush’s presidency! — concludes with the following cry for help, or at least for a good fisking:

Other Democratic leaders were quick to pan the RNC’s attempt to make Solyndra the face of the stimulus effort.

“Solyndra is unfortunate. Did it not work? It didn’t work apparently. But that’s not the face of the Recovery Act,” said House Minority Whip Steny Hoyer (D-Md.) in an interview.

I’m sorry…whose effort to make Solyndra the face of ‘stimulus’?

Which other project received — on top of the internal push to rush a half-billion dollars to this “not ready for prime time” (per an OMB email) project — personal attention and public promotion by the Energy Secretary, Vice President, and President? But, no, it wasn’t the face of ‘stimulus.’ 

But, what of that whole presidential address, including:

So that’s why we’ve placed a big emphasis on clean energy.  It’s the right thing to do for our environment, it’s the right thing to do for our national security, but it’s also the right thing to do for our economy. 

And we can see the positive impacts right here at Solyndra.  Less than a year ago, we were standing on what was an empty lot.  But through the Recovery Act, this company received a loan to expand its operations.  This new factory is the result of those loans. 

Since the project broke ground last fall, more than 3,000 construction workers have been employed building this plant.  Across the country, workers — (applause) — across the country, workers in 22 states are manufacturing the supplies for this project.  Workers in a dozen states are building the advanced manufacturing equipment that will power this new facility.  When it’s completed in a few months, Solyndra expects to hire a thousand workers to manufacture solar panels and sell them across America and around the world.  (Applause.) 

And this in turn will generate business for companies throughout our country who will create jobs supplying this factory with parts and materials.  So there’s a ripple effect.  It’s not just localized to this area.

…The true engine of economic growth will always be companies like Solyndra, will always be America’s businesses.  But that doesn’t mean the government can just sit on the sidelines.  Government still has the responsibility to help create the conditions in which students can gain an education so they can work at Solyndra, and entrepreneurs can get financing so they can start a company, and new industries can take hold. 

So that’s why, even as we cut taxes and provided emergency relief over the past year — we also invested in basic research, in broadband networks, in rebuilding roads and bridges, in health information technology, and in clean energy.  Because not only would this spur hiring by businesses — it would create jobs in sectors with incredible potential to propel our economy for years, for decades to come.  There is no better example than energy.

But, well, no, that’s not to say Solyndra was the face of ‘stimulus.’

Hoyer continued, with this gem:

The face of the stimulus is that the economy was growing during its duration. We created 2 million jobs over 20 months during its duration. The stock market had appreciated in value almost 100 percent during its duration. That’s the face of the Recovery Act.

And, ah, the stimulus was not a stimulus, it was a WPA-type scheme. That’s $393,500 per temporary job. Let’s make it up in volume!

The spin begins. But to ice the cake of the recklessness and inexplicable waste of “Obama’s Enron,” Solyndra, don’t miss this devastating timeline

View all comments (3) |

Jes Beard | 9.15.11 @ 12:43PM

Focusing on where THIS money went, or getting too concerned that THIS was a rip off, or asking what the Obama administration should have done differently to avoid the "rip off" is to miss the forest for the trees.

Once you have government picking industrial or technological winners or losers in the marketplace, deciding who to subsidize and who to tax or regulate more harshly, you are creating major problems for the economy, not just because giving government such power inevitably leads to crony capitalism, but because even if everything is done honestly and responsibly, it results in economic distortions which do more harm than good.

The real problem here is NOT the "trees," the idea that the Obama administration pissed away that money by investing it in a company which was facing bankruptcy because foreign competition was prepared to eat its lunch and beat it to the marketplace, or that it improperly lined the pockets Obama supporters. The real problem is the "forest," that no matter how such subsidies or discriminatory tax or regulatory policies are implemented to favor or burden one industry or company over another, the economic distortions and waste are going to be harmful and counter-productive.

More Blog Posts by Chris Horner

http://spectator.org/blog/2011/09/14/solyndra-the-face-of-the-stimu

ADVERTISEMENT

SPONSORED LINKS

FLASHBACK TO: 1995

Clip of the Day

Most Popular Articles

Obama and the IRS: The Smoking Gun?

Jeffrey Lord | 5.20.13

The Inoperative Jay Carney

Jeffrey Lord | 5.23.13

Holding AWOL Obama Accountable

Betsy McCaughey | 5.23.13

Obama's Imbroglios

R. Emmett Tyrrell, Jr. | 5.23.13

Lerner's Plea

Ray V. Hartwell | 5.23.13

Time to Go for the Kill

Peter Ferrara | 5.22.13

Laying Down My Pen

Quin Hillyer | 5.23.13

ADVERTISEMENT