In a previous post, I compared renewable energy spending in the 2009 Stimulus to a green albatross burdening the President. I argued that Stimulus spending was inherently wasteful, because politics invariably corrupts government’s investment decisions. The result is taxpayers losses on bankrupt companies that existed only by the grace of political favoritism, a la Solyndra. I predicted the green stimulus would haunt the President, in the form of a slow drip public relations nightmare, as a litany of bad investments go belly-up in the run up to the 2012 elections.
Earlier in the week, Stimulus beneficiary Evergreen Energy bit the dust. Today, Ener1, a manufacturer of batteries for electric vehicles and recipient of Stimulus largesse, filed for bankruptcy. As is noted by the Heritage Foundation’s Robert Bluey at The Foundry, the Obama Administration mistakenly deemed Ener1 a success a year ago.
Mr. President, are you still sure you want to “double down” on renewable energy giveaways?