Obama Includes $27.2 Billion Campaign Slush Fund in Budget

February 14, 2012 15:17

The new Obama “budget” adds billions more to the billions of taxpayer dollars poured into failed green energy companies and programs most of which went to companies with Obama campaign connections.

Obamaspeak for “investment in clean energy” means create a private multibillion dollar slush fund borrowed on the backs of your children and grandchildren so that Obama campaign contributors can create “green” companies to funnel the funds to. That’s how Obama plans to raise over a billion dollars in campaign funds.

In a previous article Dr. Ileana Johnson Paugh wrote of the failed “green” companies Obama has previously “invested your money in:

As our President promised to “double down” on renewable energy, in spite of the bankrupted Solyndra, three more green energy companies, recipients of stimulus dollars, have collapsed.

Evergreen Energy Inc., a developer of alternative fuel products, filed Chapter 7 bankruptcy in a Delaware court on January 23, 2012. Chapter 7 bankruptcy allows the company to liquidate its assets while being protected from creditors. Evergreen Inc. has $25 million in debt and $240 million in assets. Without further financing, the company cannot continue to operate its K-Fuel facility in China. K-Fuel is a process of “refining coal before it is burned to increase energy densities and combustion efficiencies which reduce greenhouse gas emissions.”

Solyndra LLC (solar panel maker) and Beacon Power Corporation (energy storage) filed for bankruptcy last year after receiving government loan guarantees.

Solyndra received $535 million in government loan guarantees and listed in its bankruptcy papers $854.1 million in assets and $867.1 million in debt.

Beacon had $72 million in assets and $47 million debt. Beacon had built a $69 million power plant in New York with U.S. Department of Energy loans.

Ener1 Inc., a manufacturer of lithium-ion batteries for electric cars, filed Chapter 11 bankruptcy in Manhattan claiming heavy competition from Toyota, China, and Korea, and the demise of a major customer, Norway Think Global. Ener1 had received $118.5 million grant from the Department of Energy. The company has $73.9 million in assets and $90.5 million in debt.

Amonix, Inc., a manufacturer of solar panels that received $5.9 billion in stimulus money will cut 200 employees, seven months after opening a factory in Nevada. (Las Vegas Sun)


So called “green” jobs cost Spanish taxpayers $770,000. Each Wind Industry job cost $1.3 million to create. This “stimulus” for the economy helped bankrupt the government and actually destroyed jobs. Obama is doing the same thing here.

Recently Spain threw out its socialist government in an attempt to rein in this ludicrous failed economic policy. Will America do the same in 2012?


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