by: the Common Constitutionalist
We all remember Solyndra, the solar panel manufacturer that in May 2010 Obama heralded as “leading the way toward a brighter and more prosperous future.” It was the poster child of his new “Green Energy” movement in America. As part of his slush fund dressed up as a stimulus package, he granted Solyndra over $500 million in loan guarantees, which they gobbled up and in return handed the taxpayer a crap sandwich.
A little over a year later, on August 31, 2011, Solyndra filed for bankruptcy, costing us taxpayers a mere $535 million. The problem though is much worse and much more widespread than just the well-publicized Solyndra debacle.
Only 3-1/2 years into Obama’s presidency, some 34 solar companies had already gone broke, laid off their workforces or were on the verge of bankruptcy. All took government – I mean our money and in all cases we lost virtually every dollar. Companies went belly up owing from hundreds of thousands of dollars to hundreds of millions. Do not take investment advice from Obama!
By the end of December 2014, between the U.S. and Europe, the number totaled 112. But despite all the federal, state and local subsidies tax credits and mandates, domestic manufacturers still could not make it. So that same year the “Solar Lobby,” as if they need one, got Obama to slap hefty tariffs on Chinese solar equipment manufacturers of anywhere between 26 and 42%. This obviously made the more expensive American equipment instantly more attractive.