By Senator Jim DeMint (R-SC)
Joint Economic Committee Republicans: Member Viewpoint
Tonight President Obama will outline a new stimulus proposal. The last failed stimulus, which promised and failed to keep unemployment below 8 percent, included massive government spending on feel-good environmental projects with the Administration picking the winners and losers. The results were predictable: bad investments, massive corporate welfare, wasteful spending, and more debt. Below are some examples.
- Solyndra, which last May the President told us was “leading the way toward a brighter, more prosperous future,” received a $535 million stimulus loan guarantee from the Department of Energy in September 2009 (http://1.usa.gov/oFRMbu). They filed for bankruptcy last week.
- Iberdrola Energy, a Spanish Company and one of the five largest energy companies in the world, received $170 million in stimulus grants to build a wind farm in Illinois. Iberdrola Energy recorded a €2.87 Billion net profit in 2010. (http://bit.ly/r4kM1p) Vice President Biden cited this give-away to an international conglomerate as one of the 100 stimulus projects that are changing America (http://1.usa.gov/nE4tQM).
- It’s clichéd to say liberals spend like drunken sailors, but the Obama Administration actually gave a $103,410 stimulus grant (http://1.usa.gov/pUfuSX) to Andy’s Liquor Mart in Grand Junction, Col., to create the state’s “largest solar powered liquor store. (http://bit.ly/pgqLkW)”
- The Administration provided $1.47 million to Odwalla Inc., a wholly owned subsidiary of the Coca-Cola Corporation, to install a bio-gas energy power plant at their facility. (http://bit.ly/qVerLF) The Administration provided the funding in spite of the fact that Odwalla’s parent is flush with cash. In fact in 2011, “Coke [has] managed to generate strong profits during the [second] quarter. Net income at the US beverage group increased to $2.8bn, or $1.20 a share, up from $2.38bn, or $1.02 a share. (http://on.ft.com/qZxDLi)”
- Demonstrating that taxpayer funding can still be wasted in 30 minutes or less, the Obama Administration provided a $7053 taxpayer subsidy (http://1.usa.gov/pUfuSX) to Hot Tomato Pizza of Fruita, Col., to install solar panels on their roof.
The upshot: if government bureaucrats were any good at venture capitalism, they wouldn’t be government bureaucrats.