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Energy policy wastes money

October 19, 2012
The Leader Herald

President Barack Obama says he wants to curb waste in federal spending, but apparently not in his own administration's subsidies of "green" energy.

About $90 billion in taxpayers' money has been thrown at "green" companies. Billions of dollars have been lost when the companies went out of business.

Another expensive failure occurred this week.

A Michigan company, A123, had been approved for $249 million in federal "stimulus" grants. The company was founded to make lithium-ion batteries for electric cars.

Fortunately, only $130 million of that had been paid out by this week, when A123 declared bankruptcy. That money is gone.

So is the $193 million in loans the White House gave to Fisker Automotive before stopping payments on a $529 million award when that company failed for two years to produce its promised electric car.

Republican presidential candidate Mitt Romney was right about Obama's energy policy when he said, "You don't just pick the winners and losers - you pick the losers."

Our tax dollars at work?



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