Drip, Drip, Drip: Yet Another Green Energy Stimulus Recipient Hits the Skids (the third this week!)

by William Yeatman on January 27, 2012

in Blog

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Earlier this week, Stimulus beneficiary Evergreen Energy bit the dust. Then, Ener1, a manufacturer of batteries for electric vehicles and recipient of Stimulus largesse, filed for bankruptcy. And today, the Las Vegas Sun reports that Amonix, Inc., a manufacturer of solar panels that received $5.9 million from the Porkulus, will cut two-thirds of its workforce, about 200 employees, only seven months after opening a factory in Nevada.

I foresaw this spate of bad news last November. As I explained yesterday,

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.

Mr. President, are you still sure you want to “double down” on renewable energy giveaways?

Pueblo Dentist February 6, 2012 at 8:13 am

This is really bad for the economical growth of the country. I hope that the leaders know what they are doing and where they are investing the money. They need to invest in business that will create more jobs for everyone and also develop the economy like it use to be a couple of years ago. People are losing their patience and they want to get out of the crisis we are all facing.

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