Sunday, July 4, 2010

A very expensive energy package

From the Daily Caller:
Obama announces plan to spend billions on creating a few thousand solar energy jobs

In his weekly address to the nation, President Obama today announced that — in the name of bringing “jobs back to the country” — the Department of Energy has awarded $2 billion dollars to two energy companies.

Abengoa Solar and Abound Solar Manufacturing will use the money to create some of the world’s most advanced and largest solar panels and plants, the president said.

In all, though, the billions are expected to buy just 5,000 jobs, meaning that each position will likely end up costing the federal government upwards of $392,000 per job. Of those 5,000 jobs, the majority are expected to be temporary positions in fields like construction.

Observers — including blogger Ed Morrissey — have pointed out that, even if the employees were taxed heavily and their jobs generated significant tax revenue, the president’s initiative would likely not pay for itself for over fifty years.

Read the rest here.

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