Yes the headline is correct. And contains a lesson in economics and imaginary markets, in it.
“Without much fanfare, the Department of Energy (DOE) recently updated the list of loan guarantee projects on its website,” the Institute for Energy Research noticed on Wednesday. ”Unlike in 2008, when Barack Obama pledged to create 5 million jobs over 10 years by directing taxpayer funds toward renewable energy projects, there were no press conferences or stump speeches.”
Uh-oh. Why weren’t there any celebrations? President Obama loves a good celebration. Why, we just found out about the super-secret star-studded bash he held after his inauguration.
Maybe it’s because the IER divided the $26 billion spent on “green jobs” by the Energy Department since 2009, divided it by the 2,298 permanent jobs created, and came up with a cost of $11.45 million per job.
Just imagine what the actual market – not the imaginary green one dreamed up by Obama and his billionaire cronies, who very much appreciate your support, even if they never seem to get around to thanking you for it – could have done with all those billions! Let’s see, $26 billion in loan guarantees, plus $13.5 billion in tax preferences, plus $5.8 billion in cash grants for “renewable energy”… that’s $45.3 billion that could have been returned to the people who earned it, through pro-growth tax cuts. Would anyone like to wager that the private sector couldn’t create more than 2,298 permanent jobs with that kind of dough?
Read more at humanevents.com …
Real markets do not behave this way.
Money well spent! I bet a large percentage of it ended up in Democrat coffers, it went to Democrat donors for the most part.