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Obama awards $1.45 billion loan guarantee to company promising 85 jobs

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During his weekly address to the nation over the Fourth of July weekend, President Obama announced that the Department of Energy was awarding $2 billion in loan guarantees to two energy companies — Abengoa Solar and Abound Solar Manufacturing.

The plan, Obama said, is for the companies to use the money to construct solar plants and panels to power thousands of homes — and create 5,000 jobs in the process.  Only about  1,600 of those jobs are slated to be permanent, though, meaning that the total cost to the taxpayer for each permanent job would exceed $1 million.

Do the math…I am all for alternative energy and JOBS. My concern is the fact that our tax dollars is being abused again.

Why does it cost $1 million to produce ONE job?

via Obama awards $1.45 billion loan guarantee to company promising 85 jobs | The Daily Caller – Breaking News, Opinion, Research, and Entertainment.

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Written by admin

July 11, 2010 at 5:39 pm

Posted in Economy, Jobs, Obama

Tagged with , ,

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