Well, it appears yet another company that President Obama endorsed bit the dust. This week, a Fremont solar company, Solyndra LLC, has now filed for bankruptcy. The company had received a guaranteed loan of $535 million dollars through the U.S. Dept. of Energy, which now will be unpaid, leaving taxpayers on the hook. This also leaves another 1,100+ American workers without jobs.
During a visit to facility in 2010, the President called the factory “ a testament to American ingenuity and dynamism
and the fact that we continue to have the best universities in the
world, the best technology in the world, and most importantly the best
workers in the world.”
Obama also said “China and Germany are right now building facilities just like this
one. No one is playing for second place. He who leads the green economy
will lead the world economy, and we risk falling behind.” Oops….guess that whole “green jobs” idea isn’t working out so well, is it? Solyndra is the third solar company to file bankruptcy in August. We also learned this past month, that the $20 million given to Seattle as part of a Retrofit Ramp Up program, to retrofit at least 2,000 homes and create nearly 2,000 green jobs, was a complete failure. The program has resulted in only three homes being retrofitted, while creating a whooping 14 jobs.
It seems we’re developing a pattern of failed companies that once were endorsed by Obama. A Toledo, Ohio restaurant that had been in business over 70 years closed in June, just a week after Obama mentioned it as an indirect beneficiary of a government bailout. Allentown Metal Works closed a year after Obama visited and hailed it as a “symbol of hope”, due to his $800 billion stimulus plan.
So, are Obama’s visits really a curse? Were the failures really Obama’s fault? Maybe not. But if I were a business owner, I wouldn’t be taking any chances.