"Renaissance Thinking About the Issues of Our Day"
The demise of Solyndra, the bankrupt solar panel company showered with more than a half-billion dollars in stimulus loans, exposes the fatal flaw of President Obama’s jobs plans.
Government officials rushed $535 million to Solyndra because the Obama administration was determined to make the company the centerpiece of its green agenda regardless of the law of supply and demand. Billions more have been wasted by politicians betting on favored companies and making Washington bigger, using the brute force of government to force liberal preferences into the economy. Mr. Obama calls them “investments,” but this is really venture socialism.
The entire purpose of the $825 billion stimulus bill was to sink government money into politically advantageous projects...
The Obama economy is littered with billion-dollar busts. Yet Mr. Obama is advocating massive tax increases that would, in part, pay for more of his “investments.” If his new jobs bill were made law, it would create a new, permanent National Infrastructure Bank to fund even more green energy projects - a permanent venture socialism fund.
There is a much-needed lesson to be learned from Solyndra for Republicans and Democrats alike. Playing investor on the taxpayers’ dime won’t rebuild the economy, it will destroy it.