Companies go bust all the time. The question is: Do they take taxpayers’ funds with them?
If the answer is “yes,” that raises another question: If politicians and bureaucrats had not poured money into this project, would it ever have begun?
“Green energy” is mostly a boondoggle. Most projects cannot make it on theirs own. It takes tax money to launch it and sustain them. Then, when the money finally runs out, the projects go under.
When green energy is real, private investors will fund it. There will be great payoffs. But if a green energy company requires any direct government funding to launch it, we can be sure it’s a boondoggle. It’s a dream that cannot find willing investors. So, the promoters found unwilling investors: taxpayers.
Here’s the latest story.
Amonix made solar panels. The company has gone under. It was located in North Las Vegas. It had received $20 million in subsidies: tax breaks and grants.
It opened 14 months ago.
A local newspaper tried to contract headquarters in California. No response. The equipment is being hauled away.
The U.S. Department of Energy gave a $15.6 million research grant in 2007.
Why should bureaucrats who can’t be fired be the right people to decide which firms to subsidize with taxpayer money?Because we live in a fascist economy. It’s the “business-government alliance.” That’s fascism.
The plant had been idle since May 1.
The politicians who took credit for bringing the plant to Nevada are now running for cover. This is typical of all busted boondoggles. Lots of hype when the doors open. Lots of excuses when they close. Senate Majority Leader Harry Reid had been enthusiastic in 2011. Now he is running for cover. He took political credit in 2011. Now he says unnamed people may try to seek political gain. Imagine that! Politicians trying to seek political gain! What’s next?
“Last year, Amonix CEO Brian Robertson was tragically killed in a plane crash and unfortunately the company was unable to recover from this difficult time Some people will be tempted to use today’s unfortunate news for political gain. But I am hopeful that the bipartisan support for this project and the public-private partnership that helped make this and many other projects possible will not be degraded by dirty energy supporters for their own profit or political gain. The clean energy sector is too important to Nevada’s future, and I hope that those that publicly acknowledge this will continue to strengthen the bipartisan support for renewable energy programs and incentives that exists in Nevada.”
Republican politicians in Nevada also had backed the plant. The Republican Congresswoman who represents the district made a strong pleas for more federal money and more boondoggles. It’s boondoggles forever.
“The global solar industry is facing significant challenges that are impacting solar manufacturers worldwide. Amonix, an innovative solar startup company with strong backing from Republicans as well as Democrats, received a tax credit to expand its American manufacturing operations and help ensure the United States continues to compete for the manufacturing jobs of the future. While today’s news is disappointing, the United States simply can’t afford to cede America’s role in the growing, highly competitive solar energy industry.”
A highly competitive industry does not need taxpayer money. It needs private capital.
Obama tried to get credit for Bush-era subsidies.
In July 2010, President Barack Obama talked up the Amonix plant during a Nevada visit to support Reid’s re-election, saying tax credits for the plant provided by federal economic stimulus efforts had already made an “extraordinary impact.”
“Now, the only problem we have is these credits were working so well, there aren’t enough tax credits to go around,” Obama said in a speech at the University of Nevada, Las Vegas.
“There are more worthy projects than there are tax credits. When we announced the program last year, it was such a success we received 500 applications requesting over $8 billion in tax credits, but we only had $2.3 billion to invest. In other words, we had almost four times as many worthy requests as we had tax credits.”
Gee, when the government hands out free money, people line up. Will wonders never cease?
The politicians will not stop spending. They will bankrupt the government.
If you are dependent on a government check for your job or your retirement, start making other plans.