Romney Campaign Press Release - The Upside-Down Obama Economy: Wasteful Spending For Worker Layoffs

"Four years ago, President Obama promised he would deliver millions of new jobs from clean energy investments. But after thousands of layoffs and hundreds of millions in wasted taxpayer dollars, it's clear President Obama's failed energy policies have left the economy upside down. From Day One, Mitt Romney will deliver a new direction that won't gamble with taxpayer money and will put Americans back to work." — Andrea Saul, Romney Campaign Spokesperson

The Obama Economy Is Upside Down With More Wasteful Spending On Failed Energy Projects:

President Obama Spent $90 Billion In Taxpayer Funds For "Clean-Energy Efforts." "But the millions of 'green jobs' Obama promised have been slow to sprout, disappointing many who had hoped that the $90 billion earmarked for clean-energy efforts in the recession-fighting federal stimulus package would ease unemployment - still above 8 percent in March." (Andy Sullivan, "Analysis: Obama's 'Green Jobs' Have Been Slow To Sprout," Reuters, 4/13/12)

"The Millions Of 'Green Jobs' Obama Promised Have Been Slow To Sprout..." "But the millions of 'green jobs' Obama promised have been slow to sprout, disappointing many who had hoped that the $90 billion earmarked for clean-energy efforts in the recession-fighting federal stimulus package would ease unemployment - still above 8 percent in March." (Andy Sullivan, "Analysis: Obama's 'Green Jobs' Have Been Slow To Sprout," Reuters, 4/13/12)

"The Green Economy Is Not Proving To Be The Job-Creation Engine That Many Politicians Envisioned." "In the Bay Area as in much of the country, the green economy is not proving to be the job-creation engine that many politicians envisioned. President Obama once pledged to create five million green jobs over 10 years. Gov. Jerry Brown promised 500,000 clean-technology jobs statewide by the end of the decade. But the results so far suggest such numbers are a pipe dream." (Aaron Glantz, "Number Of Green Jobs Fails To Live Up To Promises," The New York Times, 8/18/11)

"The Obama Administration Has Managed The Nearly Impossible Feat Of Turning Energy Policy Into A Money Loser, Pouring Taxpayer Dollars Into Green-Energy Busts Like Solyndra." (Editorial, "The Non-Green Job Boom," The Wall Street Journal, 11/28/11)

And What Did Taxpayers Get For The Billions Of Dollars In Wasteful Spending? More Layoffs And Bankrupt Companies:

Of The First 12 Obama Administration Loans To Clean Energy Companies, "Two Firms Filed For Bankruptcy, A Third Has Faced Layoffs And A Fourth Deal Never Closed." "The bonuses and bankruptcies come against a growing wave of trouble for companies financed with Energy Department dollars. Of the first 12 loan guarantees the department announced, for instance, two firms filed for bankruptcy, a third has faced layoffs and a fourth deal never closed." (Ronnie Greene and Matthew Mosk, "Green Firms Get Fed Cash, Give Execs Bonuses, Fail," ABC News, 3/6/12)

The Obama Administration Loaned $535 Million In Taxpayer Money To Solyndra, Which Went Bankrupt And Cost Nearly 2,000 Workers Their Jobs. "On the day it closed, Solyndra said it was laying off 1,100 full-time and temporary employees. But 1,861 workers lost their jobs as the solar panel manufacturer shut its doors, according to U.S. Labor Department documents provided to The Bay Citizen under the Freedom of Information Act. ... Analysts said the revelations are likely to add new fuel to the partisan fire surrounding the demise of Solyndra, which received a $535 million federal loan guarantee from the U.S. Department of Energy in 2009." (Aaron Glantz, "Solyndra Layoffs Larger Than Previously Reported," The Bay Citizen, 6/13/12)

• Solyndra's Bankruptcy And Layoffs Represented "A Blow To The Obama Administration's Efforts To Create Green Jobs." "In a blow to the Obama administration's efforts to create green jobs, solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy. The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers." (David R. Baker and Carolyn Said, "Solyndra Closes Fremont Plant - Stimulus Hopes Dim," San Francisco Chronicle, 9/1/11)

In 2009, The Department Of Energy Granted Fisker A $529 Million Stimulus Loan Guarantee. "In September, Secretary Chu announced a $528.7 million conditional loan for Fisker Automotive for the development of two lines of plug-in hybrids, which will save hundreds of millions gallons of gasoline and offset millions of tons of carbon pollution by 2016. Of the total loan, $359 million is going to revive manufacturing at the Boxwood Plant. The Boxwood Plant will support Fisker Automotive's Project NINA, the development and build of a mass-market plug-in hybrid sedan." (Press Release, "Vice President Biden Announces Reopening Of Former GM Boxwood Plant," Office Of The Vice President, 10/27/09)

• Today, The Fisker Plant In Delaware Is "Absolutely Empty" After Laying Off Workers. "Fisker Automotive has laid off another dozen workers at the former General Motors plant in Delaware that it has been refitting with federal and state money to build a new sedan. The layoffs, which occurred quietly Friday, come as California-based Fisker continues talks with the U.S. Energy Department to unfreeze loan money that could determine whether it ever builds a car at the plant. ... Jeffrey Garland, a Delawarean who was spearheading community affairs and business development efforts in the state for Fisker, said the Fisker plant, shut down by GM in 2009, is 'absolutely empty.'" ("Fisker On Ropes? Delaware Plant 'Absolutely Empty,'" USA Today, 4/18/12)

• ABC News Headline: "Fisker May Never Build Electric Cars In US" (Matthew Mosk, "Fisker May Never Build Electric Cars In US," ABC News, 5/30/12)

Nevada Geothermal — Which Was Backed By Nearly $100 Million In Loan Guarantees — "Appears To Be Headed Toward Collapse." "Another energy firm backed by the Obama administration appears to be headed toward collapse. This time it's a Nevada geothermal company that benefited from a $98.5 million federal loan guarantee that's in the spotlight. Auditors for Nevada Geothermal Power have doubts about whether the company can stay afloat, the Washington Times reported Thursday, citing an internal audit of the firm." (Zack Colman, "Another Obama-Backed Energy Firm May Be Close To Collapse," The Hill, 7/5/12)

A123 Systems — Which Received $249 Million In Stimulus Money — Has "Just Five Months Worth Of Cash Left To Fund Itself." "On Friday, advanced battery maker A123 Systems, the recipient of a $249 million federal stimulus grant, informed investors that it had just five months worth of cash left to fund itself. While it's a bit early to start administering last rites, the company's situation is looking pretty funereal. A123's share price is down to just about $1 from an all-time high of more than $25 in 2009." (Jordan Weissmann, "Another Solyndra In The Making?," The Atlantic, 7/9/12)

• "And So It Is Possible, Although Not Altogether Guaranteed, That We Are Looking At Yet One More Solyndra In The Making." (Jordan Weissmann, "Another Solyndra In The Making?," The Atlantic, 7/9/12)