So the Wall Street Journal reports that it remains on the table whether the ‘stimulus’ green boondoggle is part of the agreement to avoid current tax rates from going up at the end of the year.
For what it’s worth, foreign countries sure hope so! As you choose your battles, recall that this is the very program which led to the American University’s Investigative Reporting Project to do those jobs Americans — American journalists, that is — won’t do, and dig into and reveal the following:
[O]f the $1.05 billion in clean-energy grants handed out by the government since Sept. 1, 84 percent – a total of $849 million – has gone to foreign wind companies. Spanish utility company, Iberdrola S.A., alone has collected $545 million through its American subsidiary.
The Workshop was the first to report last October that more than 80 percent of the first $1 billion in grants to wind energy companies went to foreign firms. Since then, the administration has stopped making announcements of new grants to wind, solar and geothermal companies, but has handed out another $1 billion, bringing the total given out to $2.1 billion and the total that went to companies based overseas to more than 79 percent.
In fact, the largest grant made under the program so far, a $178 million payment on Dec. 29, went to Babcock & Brown, a bankrupt Australian company that built a Texas wind farm using turbines made by a Japanese company.
This proved to be a program to bail out of foreign interests whose ‘renewable’ bubble has burst overseas as their taxpayers wised up, incurring massive debt and staggering per-job cost all for a few temporary installation jobs.
This is a sop to an industry which has proved time and again that it cannot make it. That can only exist with wealth transfers from you orchestrated by buddies in government. That still, after all this time, claims it is ‘nascent’ and just getting a hand up, not a handout. That ‘isn’t it time we began investing’ in their stuff, when Jimmy Carter famously increased the subsidies that you’re supposed to forget have been going, and going, and going….
Rot. This is reckless wasting of our money, which only begs further economic hit because the windfarms and solar arrays will only be put into use by further mandates and/or subsidies. For Heaven’s sake, Congress. Clean up your act.