Please Stop Spending Our Money

On top of this pesky Solyndra situation (turning into a scandal) we are now finding out just how much of our money has been flushed down the drain on risky businesses.  This huge push for green jobs has created a pickle of a problem for the Obama administration.  The rush to make something happen quickly has taken our tax dollars, straight from our paychecks, and put them into businesses that are all belly up now.  We know Solyndra has cost us $550 Million dollars and put 1,100 employees out of work.  I hate to be the bearer of bad news, but there are at least 4 more now that have received funds and declared bankruptcy.  Let’s see what else we have lost.

  • Evergreen Solar Inc., received $5.3 million through a state grant to open a $450 million facility in 2007.  It employed 800 people.  The company couldn’t compete with China and has moved its operations to China.
  • SpectraWatt,  received a $500,000 grant from the National Renewable Energy Laboratory as part of the stimulus package.   The company filed for bankruptcy last month also blaming China.
  • Mountain Plaza, Inc., received $424,000 in stimulus to install a truck stop electrification system which allowed idling truckers to plug-in instead of keeping their “exhaust-belching, environment polluting diesel engines running.  Interesting, the company did declare bankruptcy in 2003.  However, it had to refile bankruptcy in June 2010.
  • Olsen’s Crop Service and Olsen’s Mills Acquisition Co., were given $10 million in funding.  Oddly enough, the $10 million was awarded AFTER the company had defaulted on a bank loan of $60 million.

Despite assurances by Jay Carney today, that due diligence is being followed with these companies, the results we are seeing is saying the exact opposite.  I have spent the majority of my life in business and I’m sickened by what I am seeing.  This is the worst case scenario of throwing good money after bad.  This is the danger of electing to high office an individual who has never held a job in the private sector.  They have the book smarts to be sure, but lack the experience to see how a business really operates.  And to hold the office of the President is a really bad time to learn business experience by flying by the seat of your pants.  It’s also a horrible time to put into practice the different theories you learned about in Economics 400 at your college.

As if all that wasn’t frustrating enough, to come to the American people and tell them you want another $447 Billion dollars to pump into stimulus takes some real gall.  Past is prelude dear taxpayer and this administration has conclusively shown that they know NOTHING about business nor do they know what is or what is not a good investment.  So, why in the world would we trust them with another HUGE sum of money.  Look at your paychecks, see the taxes they are taking out, and re-read about those businesses they invested in.  Imagine if YOU had that money in your pocket what you could do with it.  I strongly feel you would not throw it away on some business that can’t even compete in this country or in a business that has already declared bankruptcy once.
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2 Comments (+add yours?)

  1. Rita Reno
    Sep 18, 2011 @ 02:21:53

    That is certainly the truth. It’s the epitome of Keynesian ideals which were proven not to work when FDR tried them. Thanks for reading!!!


  2. Grumpa Joe
    Sep 17, 2011 @ 10:37:57

    It is not about wanting to learn business practices, it is about central government planning. This attempt at socialistic central planning smacks of a real tired old idea that has proven on numerous occasions not to work. The President is practicing what he campaigned against, i.e. “don’t bring me your tired old ideas that don’t work.”


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