In 2008, Barack Obama pledged to create 5 million jobs over 10 years by directing taxpayer dollars toward renewable energy projects in the form of loan guarantees. But here’s what has actually happened according to recently released data by the Department of Energy’s Loans Programs Office, and summarized in the chart above by the Institute for Energy Research:
More than $26 billion has been spent (or pledged in loan guarantees) since 2009 on DOE Section 1703 projects (taxpayer support for clean energy technologies that are typically unable to obtain conventional private financing) and Section 1705 loan guarantees (for certain renewable energy systems and leading edge biofuels). Unfortunately for taxpayers, fewer than 2,300 permanent jobs have been created for all of those billions of dollars, at a cost to taxpayers of more than $11.45 million per job. Solar projects generated an especially poor return for taxpayer funding – almost $1 billion of taxpayer dollars were spent on just two now-bankrupt solar companies – Abound and Solyndra – that in the end created no permanent jobs.
HT: Bob Wright