September 30 2011
A Doomed Energy Initiative, and A Doomed Economic Model
Carrie L. Lukas
Yesterday, Charlotte wrote about how the administration, far from cowed by wasting millions on its ill-conceived green energy loans, they are moving full stream ahead with more loans.
IWF has been writing about the Solyndra scandal and what it says for a top-down, government control economy (see here and here to start). Not only is this program likely to generate more disasterous losses for taxpayers, it discourages entrepreneurship and creates political corruption. When it becomes more important for a company to work the political system, than make a good product, we've really lost the American way.
And now reports (this one from HotAir) suggest that the recepients of the latest round of taxpayer-backed loans are also very politically connected, with ties to Pelosi and other monied Democrats. It's a big yawn of a scandal because NO ONE can possibly be surprised by this.
Meanwhile, private investment projects that would great actual economic value, like the Keystone Pipeline remain on hold. And that pretty much is the Obama economic program in a nutshell: shower inefficient, politically-favored projects with taxpayer money; hamstring private enterprise with bureaucratic red tape.
Is it any wonder our unemployment is stuck near double digits?