Sunday, September 18, 2011

Economic Fail

As “Solargate” continues to unfold, it is becoming more and more clear how corrupt and wasteful this President is with our hard-earned taxpayer money. For those of you who may not be following the Solyndra scandal, here is a quick recap: 

In February 2009, BO signed his $787 billion stimulus plan, against the will of the people, claiming it was an ambitious package of federal spending designed to revive the economy and save millions of jobs.  As part of the federal spending, the stimulus plan included loan guarantees to so-called “green energy” companies.  Solyndra Inc., a solar panel maker, was announced as the first winner of a coveted $535 million loan guarantee under the stimulus plan in March 2009, in September 2009 Vice President Biden proclaimed final approval of the loan at Solyndra’s groundbreaking.  BO hailed this particular “green energy” company in a speech in May 2010 as “the true engine of economic growth,” and Vice President Biden said that investments like this are “exactly what the Recovery Act is all about.”  In a widely publicized stunt in which BO visited Solyndra, he declared that “the future is here.” By January 2011, a Solyndra executive confided to the BO administration that they were on the brink of liquidation.  Seven months after BO was out there saying this company represents the future—they are on the brink of bankruptcy. So what happens next?  The government gives them another $75 million of taxpayer money in February 2011.  On 31 August 2011, Solyndra filed for bankruptcy, closed its plant, and pink-slipped 1,100 people.

After blowing $610 million of our money, the plant is closed and the workers are laid off.  Great stimulus. With all do respect, I don’t think the government was looking out for our best interests, but that was never really their intention, was it?  When the original so-called stimulus bill was passed, I for one suspected that the bill was just a hugely orchestrated scheme for the BO administration to reward donors, spread the wealth, practice redistribution of funds.  Now as more of Solargate is coming to light, it is starting to look like that is exactly the case.  Where did $610 million go so quickly?  Could it be that companies like Solyndra were nothing more than fronts to help launder money back in the hands of BO campaign supporters?

The fact is that the  BO administration restructured Solyndra’s half-billion dollar federal loan in such a way that private investors — like President Barack Obama fundraiser, billionaire George Kaiser — moved ahead of taxpayers for repayment in case of a default.  Kaiser was one of the primary investors of Solyndra, and he has been a frequent White House visitor.  George Kaiser made no less than three visits to the White House on March 12, 2009, and one on March 13—the same month the BO administration announced Solyndra was the first company to receive the $535 million loan guarantee.  Hardly a coincidence. 

I don’t think this was ever about creating jobs or investing in the United States of America.  Why is the GOVERNMENT even messing with investing our money in private businesses?  BO never ran a business; he has no experience as a Wall Street investor, why is he risking our money on these fringe businesses? Because, it was never about the business, it was about moving money back into the hands of his supporters.

Okay, so if you think I’m a crazy conspiracy theorist, then just for argument’s sake, let’s assume that this wasn’t all a huge scam against the taxpayers, and that BO really wants to try to help the job situation, his plan is still flawed.  By taking our tax dollars and “investing” them in private companies, he’s also using tax revenues collected from other private businesses and investing that capital in their competitors. Essentially, BO is pitting business owners against themselves by causing them to compete with companies funded by their own tax dollars. In what logical business model would a CEO knowingly invest in his competitors business?  But that is exactly what BO and his administration is forcing upon this country.  How is a business supposed to succeed in such an environment?  The answer is that it cannot and it’s no wonder why unemployment in this country is still above 9%.

If the government wants to create jobs, they need to quit meddling in business.  But even as I type, BO is out there promoting Stimulus 2.0.  The first one didn’t help, so wasting trillions more of our money certainly seems a needless exercise.  I once heard the definition of crazy is doing the same thing over and over and expecting a different outcome.  Guess we all know what BO is. 


On second thought, I guess we know what we are if we re-elect this guy thinking anything will be different if we give him another fours years to screw up this country some more.