US Action News

A major part of the transformation is an attempt to defy the laws of economics and have politically-connected campaign donors and Washington central planners decide what kind of energy the country should use. The stimulus was packed with giveaways that allowed dozens of so-called “green” energy projects to sap taxpayer funds to advance Obama’s vision. However,they could only ignore market economics for so long and now the projects are starting to collapse. Who’s left holding the bill? Taxpayers. – AFP

“Last week the Federal Energy Regulatory Commission convened a conference on the wave of Environmental Protection Agency rules that are designed to force dozens of coal-fired power plants to shut down…despite warnings from expert after expert, including some of its own, the FERC Commissioners refuse to do anything about this looming threat to electric reliability.”

It seems that when it comes to jobs, energy, and investment, this is a President who prefers to choose fantasy over reality.

The wind-power industry is heavily subsidized by loan guarantees and mandates, and like solar power is turning out to be a vast pit of wasted funding that also raises the cost of electricity to communities whose utilities have been required to purchase its output.

Why anyone thought Dr. Chu was qualified in any fashion to run the Department of Energy defies the imagination. Why anyone still believes that solar and wind energy can replace traditional proven sources of energy is testimony to environmental propaganda and myth-making.

One of the highest spenders on lobbying is General Electric. Along with its subsidiaries, General Electric spent more than $9.5 million on federal lobbying between April and June 2010.

A growing list of Obama supporters that shared in hundreds of millions of taxpayer funds doled out in a rush to green scams. Throw in Pelosi and Reid and the list grows longer.

Emails show that the energy department used loan funding as a threat to Solyndra to delay a planned layoff announcement until after the 2010 elections.

America faces real monsters: government regulations that stifle energy production, increase energy prices, kill jobs, squeeze family and business incomes, and threaten living standards and productivity.

The bankruptcy of the second DOE-backed company in the renewable energy sector is yet another red flag that the government has no business running a bank (or hedge fund) with tax dollars. The reason the private sector won’t fund these projects is that they are unprofitable, and that’s exactly why the government shouldn’t be backstopping them either.