Within the legislation was a marbly section of fat that called for taxpayers to devote massive funds to President Obama’s green jobs fantasy.
Here’s how that worked out, according to a September story in that rabidly right wing organ, the Washington Post.
A $38.6 billion loan guarantee program that the Obama administration promised would create or save 65,000 jobs has created just a few thousand jobs two years after it began, government records show.
The program — designed to jump-start the nation’s clean technology industry by giving energy companies access to low-cost, government-backed loans — has directly created 3,545 new, permanent jobs after giving out almost half the allocated amount, according to Energy Department tallies.
President Obama has made “green jobs” a showcase of his recovery plan, vowing to foster new jobs, new technologies and more competitive American industries.
Many economists say that because alternative-energy projects are so expensive and slow to ramp up, they are not the most efficient way to stimulate the economy.Now, Issa finds, even that was an underestimation of the failure of the program. Because the Obama administration, desperate to ensure a successful outcome, redefined a successful outcome: It made everything a green job!