The Empty Promise Of Green Jobs

The warming alarmists constantly whine about the huge alleged subsidies that are paid to the oil and gas industry, but as the above chart, from the House Budget Committee shows the subsidies paid to the renewables for wind power are 94 times the subsidy paid for natural gas, similar subsidies are paid in other countries including Britain to make renewables economically viable.

Also repeated across the planet is the great Green jobs mirage lie, it is no surprise that a country like Spain’s economy is in tatters after the Spanish jumped on the Green jobs bandwagon and then found every Green job created, cost 2.2 jobs in conventional industries.

A report by the House Budget Committee concludes that the history of Green jobs is one of universal failure:

That is the title of this superb piece by the House Budget Committee. In a relatively short space and in clear prose, “The Empty Promise of Green Jobs” recounts the sorry history of the Obama administration’s “green jobs” initiatives; reviews the history of failure that such efforts have universally encountered both in the U.S. and abroad; explains the reasons why government “investment” in political favored industries is a bad idea; and outlines more efficient energy policies. The piece is an excellent primer on crony capitalism and why it should be avoided.

Obama is big on crony capitalism, the private investors in Solyndra get paid back before the tax payers, the fact that some are friends of Obama, of course has nothing to do with their preferential treatment.

Solyndra is only the first of the administration’s pet green jobs projects that will go belly-up:

Since its introduction in the 2009 stimulus bill, the Department of Energy (DOE) has issued $40 billion in new loan guarantees for private-sector loans for renewable energy projects that might not otherwise have been market-viable. Already, multi-million dollar projects, initially labeled as successes, have failed:

* The first renewable energy loan guarantee recipient, solar start-up Solyndra, received a loan guarantee for $535 million in the fall of 2009, even after repeated warnings from federal financial analysts. In the spring of 2010, it failed to complete its initial public offering after an independent audit questioned the ongoing viability of the firm. Then, in the fall of 2010, the firm closed one of its manufacturing facilities and laid off 180 workers. Finally, the firm declared bankruptcy and laid off 1,100 employees only 15 months after Obama visited a company factory.

* Beacon Power, received a $43 million loan guarantee in July of 2009. Since then, its stock price has dropped by 90 percent – a period during which the NASDAQ exchange on which it is listed has increased by 40 percent. The company has not been in compliance with NASDAQ listing requirements, leading to a delisting determination from the exchange.

* First Wind Holdings, received a $117 million loan guarantee in March of 2010. First Wind withdrew its initial public offering in October of 2010, due to a lack of investor demand. [11] According to the Boston Globe, investors shied away from the company because “First Wind owes more than $500 million, loses money on a steady basis, and reports a negative cash flow.”[12]

Even in the midst of these failures, DOE has been advertising additional loan guarantee recipients, announcing a $1.2 billion loan guarantee to another solar company just one day after the FBI raided Solyndra’s offices. Congressional investigators are initiating a review to examine how many future Solyndras have been already financed by this loan-guarantee program or approved through shoddy review, and how can we prevent future examples of this kind of wasteful federal spending.

When Chris Huhne, Caroline Lucas and the warming alarmist bots at the Guardian start harping on about Green jobs they also know the truth, but it wont stop their crusade, the 6 million homes in Britain in energy poverty are just so much collateral damage in the war on affordable energy.

About Tory Aardvark

Climate Realist, Conservative and proud NRA member. I don't buy into the Man Made Global Warming Scam, science is never settled. @ToryAardvark on Twitter ToryAardvark on Facebook

Posted on September 30, 2011, in Anthropogenic Global Warming, Church Of Climatology, Climategate, COP17, Green Jobs Lie, Green Lies, IPCC, Junk Science, ManBearPig, Oh FFS, Renewables and tagged , , , , . Bookmark the permalink. 13 Comments.

  1. Altamont Pioneer

    Nice graph, except it compares subsidies for < two percent of electricity for wind with the remaining 70% conventional fuels. Nice try, but actually it's a lie. Are your readers smart enough to understand?

    Are you?

    You are trying to compare the subsidies for a relatively new, and still quite small energy source, with conventional fuel technologies over a hundred years old and STILL getting subsidies.

    Do you even see that your graph is meaningless?

    Anytime you wish to publicly debate, and you're ready to debate someone who was invited twice to private meetings in the Reagan West Wing to discuss energy policy, let's have at it.

    Or would you rather remain here in your echo chamber peddling crap.

    To be clear, you are pompous, arrogant and self-serving (with respect to windpower, you know nothing), and any time you can prove your views are valid, i will be the first to congratulate you.

  2. Altamont Pioneer

    Meaning, of course when one compares subsidies on a per megawatt basis, even if the conventional fuels subsidies are huge compared with wind and solar, they look small on a per megawatt basis.

    Don’t let facts get in the way.

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