Evidence continues to mount regarding the failure that is President Obama’s “green jobs” initiative. As The Examiner’s Brian Hughes reminds us, then-candidate Obama promised to create 5 million green jobs, at the low, low cost of only $15 billion per year:
We can invest $15 billion a year in renewable sources of energy … to create 5 million new jobs, new energy jobs, all across [the] country, jobs that pay well, jobs that can’t be outsourced,” Obama, the candidate, told an Ohio crowd.
Hughes shows that Mr. Obama’s projections were somewhat rosy. Okay, very rosy:
Obama spent $90 billion of his stimulus package on green energy projects, including weatherization of buildings and development of electric vehicles. Yet, by the end of last year, just 16,100 people landed new jobs in the so-called green industry, Labor Department statistics show, far short of the 200,000 jobs the White House projected it would help create each year.
The whole “green-energy/green-jobs” argument was never particularly logical. We know, from experience, that government can’t pick winning technologies, and, not having money of its own, cannot create jobs, but can merely move them from one part of the economy to another. Still, it is amazing to see just how badly the government can do at these things: 16,000 jobs out of 200,000 predicted is about 8%—a mere 92% underperformance rate.