Obama Wasted $150 Billion For This ONE PERCENT Gain
Going green became the catchphrase for government larceny under Obama.
The man put PT Barnum to shame, as he billed himself as a friend to the environment. Thus, Obama preached about renewable energy and sustainable sources.
As the saying goes, “There’s a sucker born every minute,” so Obama suckered many Americans.
In fact, Obama spent nearly $40 billion a year on green energy projects. This is an amazing figure, particularly considering all America got for the money.
The Solar Letdown:
For decades, green energy supporters touted solar energy as the answer. However, the solar energy industry cannot support itself without massive government subsidies. The average homeowner would need a $30,000 system just to save $2,000 a year. And who really knows what the savings are, given the Obama administration’s “fake data.”
Regardless, even using their numbers it would take 15 years just to recover one’s initial investment. Since the average home owner stays in their house less than 13 years, a buyer never recovers his or her investment.
As we’ve learned with Leftists, their policies aren’t about saving taxpayers money or doing something amazing for the cause.
The Institute for Energy Research reports:
President Obama subsidized solar and other renewable energy in the United States with taxpayer money to the tune of $39 billion per year on average for the past 5 years. These massive subsidies, however, have done little to increase the contribution of solar power to the electricity generation mix as solar is expected to produce just 0.6 percent of electricity generation this year.
Disregarding the cost to the American taxpayer and the failed solar projects in the United States, President Obama has pledged billions of dollars to fund solar energy development in India. On his trip to India, President Obama was hoping to bring back a deal similar to the one he made in China to peak the country’s carbon dioxide emissions by 2030. However, Prime Minister Narendra Modi rejected the President’s proposed global warming deal, realizing his priority should be to bring power to the hundreds of millions of Indians that lack access to electricity.
To the point: India rightly rejected part-time energy for full-time energy, as they kicked Obama’s green energy slush fund to the curb.
Not even the allure of money from air could make the Indian prime minister sell out his people.
The Numbers Speak for Themselves
With statistics like these, it’s no wonder that most of the green energy companies funded by Obama went belly-up. Green energy could easily have been called ObamaFuel, reminiscent of the healthcare scheme that failed just as badly. How many of those ObamaCare co-ops were total flops?
Nearly 40 companies that took big government pay-outs are bankrupt or headed for bankruptcy.
Fox Nation compiled a list of the failing energy companies along with the amount of government funds at their disposal. Most of these companies had millions thrown at them:
- Evergreen Solar ($25 million),
- Schneider Electric ($86 million)
- Johnson Controls ($299 Million)
Other companies actually received billions of taxpayer funds.
- First Solar (1.46 billion)
- Sun Power (1.2 billion)
- And many others.
Thick as Thieves
We are still totaling up the damage from the green energy debacle.
Obama managed to repeatedly misappropriate funds for his green energy wet dream, and taxpayers lost billions. Along with what we’ve already discussed, Obama buried climate change in almost all his legislation. He attempted to make climate change expenditures difficult to track and even more difficult to remove.
Sadly, what they don’t tell you about the increase of renewables is that the fossil fuel energy grid remains active even when the renewable energy is operational.