When even crony capitalism fails, what’s next?

Obama spent billions on “green” energy companies run by his campaign donors but – surprise! – the jobs he promised failed to appear.

President Obama has made much of his commitment to green energy as he launches his re-election bid, but the nascent industry has produced far fewer jobs than the president promised, despite massive, repeated infusions of taxpayer dollars.

Since taking office more than three years ago, Obama has routinely promoted wind, solar and other green energy efforts, touring factories — often the beneficiaries of federal grants — and touting the manufacturers as cutting-edge job producers who are leading America’s transition to energy independence. He had promised in 2008 to help those companies create millions of jobs.

“We can invest $15 billion a year in renewable sources of energy … to create 5 million new jobs, new energy jobs, all across [the] country, jobs that pay well, jobs that can’t be outsourced,” Obama, the candidate, told an Ohio crowd.

But the president has fallen far short of his own mark.

The wind industry has actually lost about 10,000 jobs since 2009, even though it doubled its domestic production, the American Wind Energy Association reports. And Republicans were quick to point out that as Obama blocks the construction of the Keystone XL pipeline from Canada to Texas, the oil and gas industry has added 75,000 jobs since the start of his term.

Obama spent $90 billion of his stimulus package on green energy projects, including weatherization of buildings and development of electric vehicles. Yet, by the end of last year, just 16,100 people landed new jobs in the so-called green industry, Labor Department statistics show, far short of the 200,000 jobs the White House projected it would help create each year.

The lack of progress has some Democrats bemoaning the current state of green energy, particularly when compared with the vision laid out by Obama.

“To me, the most glaring failure of the Obama administration has been a total inability to deliver on green jobs,” said one top Democratic strategist not associated with the president’s re-election campaign. “Even worse, it’s not even part of the national dialogue — you’d think it would be a bigger part of his platform with all the focus on gas prices, but sadly, it just the occasional stump speech.”


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13 responses to “When even crony capitalism fails, what’s next?

  1. AJ

    He probably could have given all of those supposed job recipients a million dollars each to sit on their ass for a lot less then he spent creating jobs. And with all that free cash flowing into the economy, could have given the economy an even bigger boost than his green (noxious) dreams have provided (something I think could have been just as easily done for a lot less by letting kids set up lemonade stands (now a finable — $500 — offence in many parts of America).

  2. Walt

    Dude –
    Paula still has not called me. Have you told her she is the secondest most beautiful girl in the world after Maureen? Even if she poses with a dead fox draped around her neck? WELL DID YA PUNK?? Dirty Harry Dude!!

    I hear Paula whispering in my ear. Blowing in it, and telling me all the nasty things she wants me to do to her. I am here to accommodate!! You dirty little girl. I can chub up in a moment’s notice!! And I look good with her panties on my head!! Really!!

    The next holiday is Fourth of July. Where can you buy real fireworks Dude? I am talking M-80’s and 6 oz bottle rockets. Black Cat firecrackers. Not the crap you can buy at Stop & Shop. You have any juice with the GPD? Get me a Chink connection to buy the real deal? Sparklers are for losers.

    I need some blow your fingers off stuff. Want to do a bottle rocket fight?
    Your Pal,

  3. Anonymous

    yet you continue to ignore the crony capitalism of the former Rep. Gov. Carcieri and outspoken conservative Schilling going on merely in the next state over. Hear no evil, See no evil….you know the rest….

  4. Pahrump, Nevada. Fireworks stores bigger than most Costco’s. And if you see Art Bell while shopping there, say hello for me.

  5. Balzac

    Our President distrusts the private sector. Only the kool-aid drinkers in the media believe the private sector will strengthen so long as he is President.

    It’s extraordinary that we have such a radical in the White House. His results are so bad, it may become necessary to read and deconstruct Dreams from my Father, in order to fully understand his antipathy for the private economy.

  6. anon

    it would seem logical, and certainly respectful, that walt only buy fountains as his fireworks of choice. they are available online. no g4 flight to fargo necessary!

  7. Walt

    Dude –
    Sometimes all you need is a good laugh. Which is why I come here to your blog community. Your lack of talent amuses me. And some of your posts actually make me laugh out loud. So thanks for that. You loser. Now don’t be going all homo on me. Post something relevant and I will comment on it. OK?
    Brunch tomorrow?
    Your Pal,

  8. INAN

    I must have missed it but when and why did Walt become obsessed with Paula? 😆

    …and not to encourage him but it appears she’s willing to lie down with dogs… http://lastexitmag.com/article/dogs-in-bed

  9. anonymous

    Walt’s has just been outed!!!!!! His ‘other’ day job is the man behind the names of the TNT Fireworks….Who else could be so creative?
    Blue Banger
    Bone Breaker
    Whoa Daddy
    Legal Limit
    Mojo Magic
    Fast Action
    Sumpin Thumpin
    Stacked deck
    Big Fat Hissy Fit
    Blow a Gasket

  10. jeb

    Even more disturbing. On ABC’s This Week this morning, George Will pointed out that 71% of Obama’s energy dept “VC funds” went to firms associated with his bundlers or contributors.


    I’m tired of both parties. Throw this bum out and then the next and so on one makes the tough decisions.

  11. Riverside

    I know a guy who got into the electric vehicle business and in just TWO YEARS made more than $25 million dollars (I am not exaggerating). He “sold” electric cars (which were actually tarted up golf carts which were classified as “street ready”), and the selling price exactly matched the amount of the government incentive paid to purchasers. So they were actually giving them away for nothing. Not surprisingly, he “sold” many thousands of these things at about $8K+ per copy. Apparently there are a lot of people who will take a free “electric vehicle” if you give them one.