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By - March 5, 2011

The Great Economic Stimulus (Stimubust)

Economic Stimulus BurningThe Great Economic Stimulus (Stimubust)

It’s been two years since the disastrous passage of the Economic Stimulus package and Obama and the main stream press are still defending it as the single greatest legislation to come from Washington (outside the healthcare law) since Washington was President.

The White House website still boasts about the 3 million jobs “saved or created” by the Economic Stimulus.  News from the CBO late last week shows that it cost at least $228,055 per job.  Where do I apply for any of those jobs?

A signature part of the Economic Stimulus bill is its “Green Jobs” initiative but that isn’t going so well either.

Obama set money aside in the Economic Stimulus to put America on the path to a “Green Economy”, and that started with Obama and Vice President Joseph Biden each personally showcased Solyndra as an example of how economic stimulus dollars were at work creating jobs.  Solyndra was given $535 million to open a new wing in their plant and hire up to 1000 new employees.

Sounds all well and good, but reality hits the fan:  Solyndra announced on Nov. 3 it planned to postpone expanding the plant, which put the taxpayers on the hook to the tune of $390.5 million.  That’s not the worst, instead of hiring 1000 new people Solyndra plans on laying-off 135 temporary workers and 40 full-time workers.  Now that’s Economic Stimulus at its finest.

Looking further into Solyndra, it turns out the company has never turned a profit since it began in 2005.  Why then, would Obama trust the company with $535 million of the taxpayers money?  The answer lies in the details:   Wall Street Journal reports indicate that Solyndra’s majority owner, Oklahoma billionaire George Kaiser, was a major fundraiser for the 2008 Obama-Biden campaign.

Making the Green Economy a tougher reality is the fact that China is going to reduce the amount of “rare earth” materials they mine.  Rare earth materials are important to batteries for hybrid and electric cars and the huge magnet in wind turbines.  China mines 97% of the worlds rare earth materials, so why are they going to reduce their mining capability?  In order to mine rare earth materials you use tons of toxic waste, there is five times more cancer causing, earth killing waste than there is materials.  Ah!!!  Now there is a good example of being “Green”.

The Economic Stimulus plan is no longer even good for the Chinese.

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