Cagle Post – Solyndra: Spawn of Stimulus

In early September, President Obama finally unveiled his jobs plan: a new $447 “stimulus” package. The President exhorted Congress to “Pass this bill!” but Americans aren’t ready for another round of “stimulus” – we’re still trying to recover from the consequences of the last one, which cost nearly twice as much.

In 2009, President Obama rushed the stimulus bill through Congress without even allowing the time for debate or the appropriate safeguards to be built. The original Obama stimulus plan was nothing but a lesson in how to waste almost a trillion dollars in taxpayer funds. President Obama’s liberal ideology tells him he’s smarter than the free market system, the system that’s made America the greatest economic superpower the world has ever known. Allowing the federal government to decide where taxpayer money is sent to “stimulate” certain sectors of the economy simply creates new opportunities for waste and abuse, like we’ve seen in the case of the recently bankrupt solar power company Solyndra.

Solyndra was one of the first “green” companies to be awarded a $527 million taxpayer-guaranteed loan via President Obama’s last “stimulus” plan. The California based company was supposed to be the success model for President Obama’s clean energy jobs program, but instead its failure left 1,100 people unemployed and taxpayers on the hook for a half billion dollars.

Read more at Cagle here.