Let me ask a question. Has any of the Green Energy Programs Obama gave our tax dollars to become successful? The answer is an unfortunate no. I wish they were. The only way we can win the war in the Middle East is by cutting off their oil money. Once we gain energy independence, we have effectively put a nail in the war on terror's coffin.
However, Obama and his administration continue to naïvely give away our money to green energy firms without much potential for economic success––creating even more debt. And this is why socialist policies don't work. If the president really wanted to make a positive investment in green energy, he would have let the free market take over.
By giving tax breaks to businesses, it would incentivize them to invest and compete against each other to produce the best green energy products. With more government incentives, more businesses would be interested, more jobs would be created and better and more ideas would materialize. That's how things are done successfully and that's how things are done properly in a capitalistic society. Have we not all not learned this simple fact?
Below is the latest example of Obama's green energy failure:
The Energy Department conceded Friday that the federal government will lose $42 million on a loan to a shuttered Michigan van manufacturer — part of the same program that provided a $529 million loan to an electric car maker that also has gone under. Vehicle Production Group (VPG), which made vans for the disabled, ceased operations in February and laid off 100 workers, two years after receiving a $50 million federal loan under the same clean-energy program that provided a $529 million loan to electric car maker Fisker Automotive Inc., according to the Associated Press.
VPG pad back 5 million of the $50 million federal loan this spring, and the remainder of its debt was sold at auction this week to Humvee manufacturer AM General,which paid $3 million to buy the loan. In an email to AP, an Energy Department spokesman said sale of the VPG loan was the “best possible recovery for the taxpayer.”
Fisker had received $192 million before federal officials froze the loan in 2011. The company has since laid off 75 percent of its workers, though the government has recovered only about $28 million of the money.
The losses come after federal government’s failed risked on solar panel maker Solyndra, which went under in 2011 despite receiving more than $500 million from the Energy Department.