electric car

Obama’s Energy Team Seems to Love Failure

Obama’s Energy Team Seems to Love Failure

President Obama’s motto seems to be, if at first you don’t succeed, try, try again until you fail an embarrassing number of times.  And while you’re at it, waste billions upon billions of taxpayer dollars.

It will come as no surprise to conservatives that one of the Obama administration’s politically favored green energy projects has failed.  The Hill reports:

The Energy Department (DOE) disclosed Monday that it has seized $21 million from Fisker Automotive, the financially distressed electric carmaker that has drawn $192 million in federal loans.

“Given the obvious difficulties the company is facing, we are taking strong and appropriate action on behalf of taxpayers,” DOE spokeswoman Aoife McCarthy said in a statement.

“Strong and appropriate action on behalf of taxpayers” would have been not investing our hard-earned money in politically favored green energy projects that are bound to fail in the first place. 

The article adds:

The collapsing company laid off the bulk of its workforce in early April as it seeks outside capital or a buyer, and may soon file for bankruptcy.

Fisker’s troubles and its taxpayer-supported loan will come under fresh GOP criticism on Wednesday.

The Heritage Foundation’s Nick Loris, Jack Spencer, and Katie Tubb explain why the DOE’s loan guarantee program is such bad policy:

Whether a company that receives a loan guarantee is profitable or not, the loan guarantee program is a failure. A company that goes bankrupt could not obtain private financing for likely good reasons. And those financially viable companies praised as successes of the loan program could have received their funding without taxpayer support. Loans and loan guarantees direct labor and capital away from more competitive projects and reduce the incentive for investors or businesses to manage risk, innovate, and increase efficiency or they subsidize companies that would be successful without government support.

It seems, though, that the left won’t accept explanations like this or anecdotal evidence like the Fisker failure.  That’s why conservative politicians cannot afford to abandon their principles at any time, whether it be when they vote on legislation or vote on confirmations of administration officials.

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Obama and his friends bring American taxpayers down again with yet another green energy failure.

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Dear Obama and DOE: Your loan guarantee program is a bad idea. Just look at Fisker.

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