The scandal over solar energy subsidies could get worse.
The bankruptcy of Solyndra means more than embarrassment for President Obama. It also could cost taxpayers over half a billion dollars in federal loan guarantees that Obama’s administration approved after the Bush administration rejected them.
But there are billions more in solar loan guarantees approved by the Obama Administration as part of his “green jobs” agenda.
Even after Solyndra’s bankruptcy, another $1.2-billion was approved by the U.S. Department of Energy for Mojave Solar in California. Each job they claim to provide will cost taxpayers well over a million dollars.
There are more like that in the pipeline, on top of almost $40-billion in similar guarantees already issued.
Green energy is proving to be less about the environment, and more about crony capitalism, with our tax dollars.
From The Heritage Foundation, I’m Ernest Istook.