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Another Obama failed *green* investment costs taxpayers millions

Below is a picture of former Michigan Governor Jennifer Granholm in October of 2010 announcing the plant opening of Michigan A123, a company that until a few days ago was making plug-in batteries for electric vehicles:

As if we don’t have enough examples of the Obama administration’s “green jobs” failures, this is another “green” firm which has been gambled away with our tax dollars.  Michigan A123 was opened on the promise of hope, innovation and the creation of thousands of jobs and funded with a $250 million check signed by the American taxpayers. Now, in an all-too-familiar tale, the factory that President Obama called a “milestone” has closed its doors and laid off its workers.

Obama’s repeated failed attempts at influencing the marketplace have been the subject of sharp criticism from Mitt Romney:

Solyndra, Ener1, Tesla, and Fisker were all losers, Romney said. The first two – a solar-panel maker that won a $535 million federal loan guarantee and a car-battery company that got up to $118 million – went bankrupt.

Now add A123 to the  list. It’s the same old song and dance of millions in taxpayer dollars wasted on failed government attempts to dictate the future of the energy market. Another loss, just another broken promise or both? President Obama heralded the creation of jobs, new industry and a bright future. At a 2010 event Obama spoke via phone hookup with workers and managers at the plant, video below:

‘This is about the birth of an entire new industry in America – an industry that’s going to be central to the next generation of cars. When folks lift up their hoods on the cars of the future, I want them to see engines and batteries that are stamped: “Made in America.” —Barack Obama, October 2010

And Governor Granholm states in the vid:

One year, 16 companies, including A123 that are going to create 63,000 jobs in Michigan over the next decade in this sector. [snip] Michigan now becomes the advanced battery capital of North America.

Even Senator Carl Levin (D-MI) pipes in:

Hundreds of employees today, thousands of employees by next year.

Added to the list of praisers were Energy Secretary Steven Chu and Michigan Senator Debbie Stabenow (D).

The plant, which made lithium ion batteries for hybrids and all-electric cars has the intention of attempting to sell the company to Johnson Controls. If GM and all the other Obama examples of “failed” companies are any indication, it’s highly doubtful the taxpayers will get any of their expended funds returned.

Crossposted at Conservative Outlooks. and Grumpy Elder.

LadyImpactOhiohttps://www.ladyimpactohio.com
Deplorable Reagan Conservative. Pro-life, pro 2A. Waiting for Obama's "legacy" to be undone. Twitter: @LadyImpactOhio "We the People tell government what to do. It does not tell us."__Ronald Reagan in his farewell speech.

4 COMMENTS

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4 COMMENTS

  1. I saw a Wall St. Journal piece about A123 yesterday, and I really like what they ended with.

    More than any single failure, the larger lesson here is the eternal one about the folly of government industrial policy. Someday someone will find a way to store electric power for long periods, and someday someone may build a commercially viable electric car. We will be the first to cheer.But the second to last people in the world to know when that day arrives will work for the Department of Energy, and the last will be U.S. Senators. In 2008 President Obama sold voters a fairy tale about millions of “green jobs” that he could conjure up merely by “investing” taxpayer money. The 2012 election is in part a referendum on whether Americans can be fooled again.

    source

  1. I saw a Wall St. Journal piece about A123 yesterday, and I really like what they ended with.

    More than any single failure, the larger lesson here is the eternal one about the folly of government industrial policy. Someday someone will find a way to store electric power for long periods, and someday someone may build a commercially viable electric car. We will be the first to cheer.But the second to last people in the world to know when that day arrives will work for the Department of Energy, and the last will be U.S. Senators. In 2008 President Obama sold voters a fairy tale about millions of “green jobs” that he could conjure up merely by “investing” taxpayer money. The 2012 election is in part a referendum on whether Americans can be fooled again.

    source

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