Thursday, August 16, 2012

Green Fail

The Washington Free Beacon reports on yet another "green" energy company taking US government loan money and using it to support its foreign workers:
Green energy firm sacks two-thirds of American workforce days after receiving $32 million government loan

Just days after the Export-Import Bank approved a multi-million dollar federal loan guarantee to benefit a mostly foreign-based wind-energy outfit, the company pink-slipped more than 200 American workers.

The Export-Import Bank, a federal agency that promotes and finances sales of U.S. exports to foreign buyers, approved a $32 million loan guarantee on Aug. 2 for a Brazilian firm to purchase wind turbines from LM Wind Power. According to its website, LM Wind Power is headquartered in Denmark.

“Ex-Im Bank’s financing, which guarantees a Bank of America loan, will support approximately 250 permanent American jobs at the company’s Little Rock, Ark., and Grand Forks, N.D., manufacturing facilities,” the bank said in a release.

The company maintains a manufacturing presence in Arkansas and North Dakota—but the company laid off 234 of the Arkansas plant’s roughly 300 workers just two days after its loan was approved.
Why are we subsidizing "green jobs" at all? It has been over two years since Spain, the country that Obama cited many times as the model for his green jobs policies, admitted that "each green job created costs more than 2.2 traditional jobs."

PREVIOUSLY on Obama's jobs programs:
Billions spent on Obama's green jobs and little to show for it
Obama's stimulus bill was designed to reward friends, not help the economy
Stimulus bill-funded 'green' disaster

ALSO relevant to any discussion Democrats and economics:
Study: Liberals are economically illiterate

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