Barack Obama
Solyndra, the solar company U.S. President Barack Obama, personally and publicly backed, giving the corporation $535,000,000 in taxpayer money, has filed for bankruptcy, laying off its 1,110 workers.
For a number of reasons, the failure of this company is a serious blow to the U.S. economy and the White House for underwriting it. The U.S. taxpayer is out over half a billion dollars, unemployment shall go up, jobs that could have been created with that money will not be and President Obama’s credibility has taken another hit.
The Judiciary Report warned President Obama in a string of articles to back off his solar initiative, but he did not and to disastrous results. From the beginning of Obama’s presidency, the Judiciary Report has warned that the White House, U.S. Congress, FBI, CIA and other divisions of the government, should economize and prioritize.
However, that message fell on deaf ears. Much like when I warned in 2006 via a sister site (Sound Off Column) that a financial crisis was coming and it did two years later, but the government ignored that as well, when it could have been prevented. The government has been gambling with/spending taxpayer money, like a lottery winner, splurging with newly gained funds, only to end up bankrupt in a few short years, due to poor financial planning.
Barack Obama
The Judiciary Report would like to revisit its jobs plan from early 2009 (Obama Calls For Job Summit and Nancy Pelosi Speaks About STDs), to emphasize why the U.S. economy is still in the toilet two years later.
As stated above, the U.S. government, under Barack Obama, personally gave Solyndra over half a billion dollars in U.S. taxpayer money to play with - yet as we can see based on reports, they only employed 585 people with said funds, which is economic rubbish.
This solar initiative was not a priority. The Judiciary Report warned again regarding it as recently as April. There is no excuse. That money should have gone to more practical job creation, where much more people would have been employed for those same taxpayer funds, thus noticeably decreasing unemployment as stated in the article Obama Calls For Job Summit.
Had Obama followed the Judiciary Report's aforementioned job creation outline, over two and a half years ago, unemployment would not be ridiculously high and rising, as it is today. Coupled with appropriate taxation and budget cuts, the economy would have been doing quite well today.
President Obama at Solyndra
