Solyndra is an example of the Obama administrations runaway spending.
Yes, the Obama administration provided a federally-backed loan of $535 million to help Solyndra create thin film solar cells. Yes, the company went bankrupt. But before you join the Teapublican-led lynch mob to hold the administration accountable, ask yourself: How much more money has been wasted on government loans and subsidies for oil companies? Have you ever heard Teapublicans complain about wasting taxpayer money on a dry well? Have you ever seen a House panel investigate loans or subsidies to carbon-based fuel companies?
But thats different you say. Theres no certainty in finding oil.
Well, theres no certainty that a new product will succeed, either. Fact is, the Energy Department took a chance on a company that wanted to build state-of-the-art solar cells in the US, instead of China. The Energy Department took a chance that a government-backed loan would result in more US-based jobs, less dependence on foreign oil and lower carbon emissions. Unfortunately, Solyndra failed as the result of increased competition from foreign manufacturers which are heavily subsidized by their governments. And because Congress failed to pass a comprehensive energy bill that includes alternative energy sources.
Oil production is heavily subsidized through tax breaks at virtually every stage of the exploration and extraction process. So, if the US is willing to risk hundreds of billions in exploration for gas and oil with great risk to our environment, why is it a problem for the federal government to risk taxpayer money to develop clean energy alternatives?
Could it be that the solar and wind industries dont have lobbyists which heavily contribute to Teapublican election campaigns?