Amid more reports of Obama Administration-backed (ie. taxpayer-funded) green energy companies going under or facing severe financial problems, a new report shows that the $26 billion in so-called “investments” that have been made to prop up these companies average out to around $11 million per job:
According to the Institute for Energy Research, the Department of Energy has spent nearly $26 billion since 2009 on its Section 1703 and 1705 loan programs. However, these two programs only yielded 2,308 permanent jobs — meaning the cost to taxpayers was $11.25 million per job.
“Clearly, in terms of ‘bang for the buck,” government programs that coddle renewable energy are losers,” according to IER. “In terms of jobs, the losers are the American workers who would otherwise be gainfully employed but for the tremendous waste of taxpayer dollars on the administration’s obsession with “green energy.’”
The loans were part of the Obama Administration’s plans to create a “green economy” in the aftermath of the Great Recession. However, the loans have become symbolic of the cronyism and waste that has come with the policies it has pursued.
There’s a long list of failed “green energy” companies that have received taxpayer funding and/or tax breaks. In November, the Heritage Foundation released the names of 33 companies that received anywhere from $500,000 to $1.46 billion in taxpayer subsidies.
These companies have either filed for bankruptcy or have laid off workers, despite living off the taxpayer largess. Perhaps the best known is Solyndra, a company which was owned by a politically-connected Obama supporter. The company received a $535 million loan, which was heavily monitored by the White House, despite warning that it was already in financial trouble and against the advisement of an administration analyst.