Thursday, September 29, 2011

Obama’s DOE Mulls $6.5 Billion In “Green Energy” Loans To Create 283 Jobs,Which comes out to almost $23 million per job 

Investors, via Will at The Other News:
The Department of Energy is set on Thursday to announce whether nine federal loan guarantees amounting to $6.5 billion for green energy projects will get final approval.

The number of full-time, permanent jobs they would create? According to the DOE’s own figures, a grand total of 283. That is nearly $23 million per job.It’s also a drop in the bucket toward the five million green jobs President Obama promised as a candidate in 2008.

It’s not clear how many of the loans will get approved. The DOE refused comment prior to the Thursday announcements.In the last week, the DOE has approved three loans totaling $624 million and creating 110 permanent jobs. But two other big loan projects totaling nearly $2 billion reportedly fell through.

Jerry Taylor, senior policy analyst for the free-market Cato Institute, says the whole program shows that the federal government should not be picking private-sector winners and losers.

"It's a lot of money for very few jobs if you do the math," Taylor said. "If nobody in the private sector is willing to invest their capital, that's a pretty good signal."
Read the full story here.

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