Obama is giving Spanish-owned companies “shovel-ready jobs. But they’re GREEN shovel-ready jobs. So apparently it’s okay if those jobs only cost the American taxpayers – well, make that the Obama administration and his massive government bureaucracy borrowing from China so that American taxpayers have to pay principal plus interest – more than two million dollars per job.
Palin Thumps Harvard
August 22, 2011
If you drew a straight line between the Obama White House, Harvard and Martha’s Vineyard, you’d apparently find no real economists judging by the effluvia created through progressive economics in this country.
But would it be too much to ask if we could have a few people who could just add, subtract, multiply and divide? What exactly is an Ivy League degree worth if you can’t do lower mathematics?
I guess a lot less than Sarah Palin and a University of Idaho bachelor’s degree is worth.
In a quest for a few more “green” jobs that the administration can brag about, the Department of Energy recently announced that they have awarded a Spanish company, Abegnoa Bioenergy, $134 million in loan guarantees for an experimental biomass plant that will create- count ‘em- only 65 “permanent” jobs in Kansas.
Say what you want but Palin’s career shows she knows how to divide 65 jobs into $134 million. That skill apparently is beyond the ken of the Hallowed-Halls-of-Harvard-and-Princeton crowd. But it certainly seems like a valuable skill for a president to have.
$134,000,000 /65= $2,061,538.46 per job.
With these kinds of economies of scale, it would make more sense for the administration to make 65 people multimillionaires outright with that money. Just think: 65 more people they could tax at a higher rate.
What’s more fair than that? I mean besides not taxing everyone out of business. But, since that’s not an option….
Oh, I forgot. That makes too much sense for a liberal. They don’t like millionaires.
They only like Brazilian, Spanish and progressive billionaires.
“This project is part of the Administration’s commitment to expand our advanced domestic biofuels industry,” said Energy Secretary Chu according to BrightEnergy.org. “Investments like these will create jobs and decrease the nation’s dependency on oil by using a sustainable, home-grown transportation fuel that will help reduce greenhouse gas emissions.”
What it will do is help a company with $5.5 billion dollars cash in the bank, owned by Spanish millionaires and billionaires, keep $134 million in the bank. Abegnoa can then use that money in real projects that require, um, what’s technically known as a “return on investment” (ROI) to be successful. ROI is generally considered to be a good thing in the investment business if you’d like to prevent criminal proceedings. Or alternately, if you can’t produce return on investment, you can try for a government guarantee.
Obama likes to talk about investing in education, infrastructure, whatever, but if Obama were in charge of your 401k, at retirement you’d not only be broke, but you’d owe a few million. Oops, looks like Mr. Investment put some money into education and infrastructure development that wasn’t just quite as shovel ready as he thought.
That will go down so well at the retirement home when it’s time to take your medicine and eat your peas.
The problem is that Washington types have been making promises about biomass biofuels for decades now without any real progress- biomass is not shovel ready in other words, unlike the real energy projects proposed by outside Washington types, like- oh, I don’t know- Sarah Palin.
In short, biomass takes feedstock like corn leaves, wood pulp or municipal waste and turns it into a liquid fuel like ethanol or a gas, like hydrogen. It’s kind of a way of speeding up the millions-of-years process that made fossil fuels.
The clean energy crowd in DC has promised for two decades that biofuels will help break dependence on foreign sources of oil, but they always have to dial back their predictions, says Gigaom.com, a technology website and consultancy that produces green IT research.
“Originally in 2010,” writes Gigaom “the EPA estimated the industry could produce 100 million gallons, but basically it turned out to be zero. For 2011, five companies were estimated to be able to produce about 6 million cellulosic ethanol-equivalent gallons and it’s unclear if they are going to make that estimate.”
Oh, but wait, it’s worse.
“For 2012,” says Gigaom, “the EPA previously estimated that the cellulosic ethanol industry would have a capacity to be able to produce 500 million gallons. But in June the EPA quietly proposed to reduce that volume estimate to 3.5 million to 15.7 million.”
Sounds like the same government guys who estimate jobs creation for the Bureau of Labor Statistics moonlight at the EPA.
So much for the DOE’s investment in Abegnoa, a publicly-traded company with almost $9 billion dollars in sales and 26,128 employees not counting the 65 soon-to-be-hirelings in Kansas.
So much for 65 permanent jobs in Kansas. In the meantime 20,000 real energy jobs Palin created with the Nat Gas pipeline in Alaska are being held hostage to a presidential permit that Obama hasn’t signed in two-and-a-half years.
If the biomass plant made any sense at all economically the company would be able to get a loan on the strength of its balance sheet, rather than having to rely on guarantees from the Department of Energy. Because in the end, this plant won’t make money, won’t make the rent and certainly won’t make enough “green” fuel to power Kyle Orton’s Prius for a week.
Not only can’t they produce fuel from biomass economically, everyone seems to be unable to produce commercial quantities of fuel from biomass at any price.
Say what you want about the GOP’s desire to drill in ANWR and Palin’s support of it. But at least it’s bankable, as is the Palin’s Alaska-Canadian natural gas pipeline.
I know this much for sure: On day one any energy plan Palin puts forth will thump the plan the genius from Harvard has followed.
Let’s just call biomass what it is: the sub-prime market of Obama’s sub-prime “green” energy business.
And let’s call the taxpayers in this scheme what Wall Street and Washington want them to be: Shovel Ready.
Oh, and how about this little bit of brilliance from Team Obama:
GE’s Immelt Advises President on Jobs and Competiveness, Exports Jobs and Technology to China
Under Immelt, GE Cuts one-fifth of U.S. Work Force; Sells China Advanced Aerospace Tech NASA Originated
WASHINGTON – August 24 – Congressman Dennis Kucinich (D-OH) today called upon General Electric’s Chairman and CEO, Jeffrey Immelt to resign from his position as head of the President’s Council on Jobs and Competitiveness. Kucinich’s statement came in response to news reports that, in exchange for short-term profit, GE is sending advanced technology to China that was originally created by NASA.
“If he does not resign, the White House should remove him,” Kucinich said.
“As 14 million Americans struggle with unemployment, General Electric, under Mr. Immelt’s leadership, is exporting highly-sophisticated technology to the Chinese in order to book short-term profits for GE. GE strives mightily to avoid paying federal income taxes, but goes ‘all in’ on a deal to transfer U.S. government-subsidized technology to the Chinese. Jeffrey Immelt has a conflict of interest. He cannot ethically advise the President on how to create American jobs and promote American competiveness, while at the same time leading a company that is exporting American technology and, along with it, American jobs,” said Kucinich.
A report in Monday’s Washington Post described the transfer of a virtual reality display system for airplane cockpits that GE is transferring to the Chinese as part of its joint venture with a Chinese state-owned company. The display system GE is transferring was originally developed using Synthetic Vision technology created by NASA in partnership with private industry. NASA has committed millions of dollars to pursue development of synthetic vision systems.
Kucinich added, “American taxpayers subsidized the development of this advanced technology, but U.S. taxpayers’ investment will end up creating jobs in China. In the short term, GE is selling products to the Chinese, which will help GE’s bottom line. In the long term, the Chinese will end up manufacturing and selling products using the same technologies that were made in America.”
“The United States has long been the leader in aerospace development and manufacturing. We have the best-trained, most skilled workers which give American-made aerospace products a natural competitive advantage. How can Mr. Immelt be the head of the President’s ‘Jobs and Competiveness Council’ while undermining the United State’s advantage in aerospace?” asked Kucinich. “In light of these revelations, Mr. Immelt should save the President the embarrassment of asking him to step down and voluntarily resign.”
GE has aggressively sought to cut the percentage of its American profits paid to the I.R.S., paying just a third of the average taxes paid by other American multinational companies. In 2000, 54% of General Electric’s employees worked in the U.S. That number dropped to 46% in 2010. Since Mr. Immelt assumed office on September 7, 2001, GE has cut one-fifth of its U.S. work force while increasing overseas employment.
“Obviously he is more qualified to be head of ‘Jobs and Competitiveness’ for a country other than the United States,” Kucinich concluded.
That’s right. The same Obama who constantly demagogues that corporations should “pay their fair share” blah blah blah has as his top guy a CEO who paid ZERO in income taxes as his company used every single crony capitalist loophole under the sun.
That kind of hypocrisy and stupidity counts as “genius” in Obama’s America.
Apparently, Obama isn’t up to the challenge of actually creating any shovel ready jobs in America (and see also here). So he’s creating them in China with American money instead.
Hey, I’ve got an idea. Obama could listen to Paul Krugman and lie to the American people about a space alien invasion to fearmonger them into even MORE useless Keynesian spending. That would be just plain brilliant. At least if you are an utterly clueless liberal who is utterly blind to reality.