Obama never operated a business of any kind, nor did he have to meet a payroll every 2 weeks like all small businessmen have to do.  Obama doesn’t know the first thing about starting a business, how to financially control a business, and he is not qualified to evaluate the potential for success of a new business entity like a  Venture Capitalist of Commercial Banker do on a daily basis.  Yet we are faced with the fact, in the below listed article,  that Obama wasted $1.063 billion of tax payers’ money by authorizing the formation of 19 Green companies that were not properly evaluated before they were given taxpayer money to burn.  The net result is that 19 Green companies, many of whom were incorporated by donors to Obama’s Presidential campaign, have already filed for bankruptcy; there will be more bankruptcies of Green companies in the future, because another 14 Green companies who received $6.336 in taxpayer money are faltering.  Obama’s ineptness in the evaluation of business startups and finance is readily apparent, and his ineptness economic policies are even more apparent because of his gross mismanagement of the US Economy by following Socialist principals that have “never” worked in any economy in the history of mankind.  

 Recently Obama raged against sequestration, the across the board budget cut he created in August 2011 (sequestration has radically slashing defense spending which is 20% of the annual budget, while hardly nibbling at the fat and waste in the remaining 80% of the bloated annual budget).  Obama got Senator Reid and Congresswoman Pelosi to convince the Republican leadership in Congress to go along with the sequestration he proposed; recently Obama’s raged against Republicans, blaming them for what he said  sequestration, he created, will do (it actually decreased the 7% increase in spending  to 6%---it hardly touched anything in the 80% in the non-defense budget.   Obama did slash the DOD budget radically, which was made to shoulder 50% of all the cuts, even though its portion of the budget is 20%). 

  Obama disregard of the spiraling debt has resulted in an increase in the national unemployment rate from 6.8% in November 2008 to 7.8% today (from 6.7 million people to 13.2 million unemployed Americans).  Obama economic policies have increased the number of Americans on food stamps from 29 Million in November 2008 to 48.7 million today.   Obama’s energy policies have increased the price of automobile gas at the pump from $1.72/gallon in November 2008 to $4.75/gal today.   Obama’s disregard of the increasing debt has increased the percentage of Americans living below the poverty level from 12.95% in November 2008 to 16.3 % today (20% of all children are now living below the poverty level).  Obama’s out of control spending has increased the National Debt from $10.4 trillion in November 2008 to $16.6 trillion today; Obama is spending more funds than we are taking in requiring borrowing $0.46 of every dollar we spend.  It is now projected by the Congressional Budget Office that Obama’s projected borrowing of $ 0.90 trillion/year to support his out of control spending will drive the National Debt to $20 trillion by the end of his second term.  Obama is stealing from our children and grandchildren and will have created a larger National Debt than all the other 42 Presidents created collectively in the 237 year history of the Republic.  For the first time in the 237 year history of the Republic a very dangerous economic tipping point has been reached, because the annual National Debt now exceeds the Gross Domestic Product (GDP) of the United States----it has gone from 38 % of GDP in 2008 to 103.9% of GDP today (it is increasing to unsustainable levels).  Consumer confidence has gone from 99.5 in 2008 to 69.6 today.  The size of the annual spending has gone from $.89 trillion in 2008 to $3.8 trillion today.  The Standard & Poor rating of the US has gone from AAA in 2008 to AA+ and may be dropped again this year.  

                     All of a sudden yesterday, Obama said “we don’t have a debt crisis.”   

 This week, for the first time in 4 years, the Democrats in Congress issued a budget that increases taxes by another $1 trillion (for 4 years Democrats violated federal law each year by not proposing a budget). If we do not have a debt crisis, why do we have to increase taxes by $1 trillion and borrow $0.46 of every dollar we spend?  Obama said he sees no danger in the massive out of control federal spending & ever increasing debt, (Obama created $6+ billion debt in the last 4 years).  At Obama’s current spending level, the congressional Budget Office reported he will drive the national debt up to $20 trillion, and will have created half of the entire national debt while in office.  By continuing the irresponsible spending and saying “We don’t have a debt crisis”, he is demonstrating his very dangerous approach to managing the US economy.  If he continues he will lead the Republic into bankruptcy, saddle our grandchildren with unsustainable debt, and will destroy the Free Enterprise System.    No honest and knowledgeable economist throughout the world would agree with Obama’s head long and reckless spending, and his pronouncement that “We don’t have a debt crisis.”  With his inept economic policies, Obama is driving more and more of the poorest Americans into incomes below the poverty level that is why 48.7 million Americans are on food stamps.  Obama knows that the Federal Government has unfunded liabilities of $123 trillion (Obamacare, Medicare, Federal Employee Pensions, military pensions, and Social Security are some of those unfunded liabilities), yet Obama’s out of control spending continues, and not one program is being cut back, because he says “we do not have a debt crisis.”  Obama’s Socialist policies are destroying the financial stability of the Republic. 
_____________________________________________________________________________________
_____________________________________________________________________________________
Obama’s Taxpayer-Backed Green Energy Failures
Ashe Schow

October 18, 2012 at 8:25 am

(169)

It is no secret that President Obama’s green energy supporters’ foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case.

The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market.

So far, 33 companies that were offered federal support from taxpayers are faltering — either having gone bankrupt or laying off workers or heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy and other agencies. The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.

The complete list of faltering or bankrupt green-energy companies:

Evergreen Solar ($25 million)* SpectraWatt ($500,000)* Solyndra ($535 million)* Beacon Power ($43 million)* Nevada Geothermal ($98.5 million) SunPower ($1.2 billion) First Solar ($1.46 billion) Babcock and Brown ($178 million) EnerDel’s subsidiary Ener1 ($118.5 million)* Amonix ($5.9 million) Fisker Automotive ($529 million) Abound Solar ($400 million)* A123 Systems ($279 million)* Willard and Kelsey Solar Group ($700,981)* Johnson Controls ($299 million) Brightsource ($1.6 billion) ECOtality ($126.2 million) Raser Technologies ($33 million)* Energy Conversion Devices ($13.3 million)* Mountain Plaza, Inc. ($2 million)* Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)* Range Fuels ($80 million)* Thompson River Power ($6.5 million)* Stirling Energy Systems ($7 million)* Azure Dynamics ($5.4 million)* GreenVolts ($500,000) Vestas ($50 million) LG Chem’s subsidiary Compact Power ($151 million) Nordic Windpower ($16 million)* Navistar ($39 million) Satcon ($3 million)* Konarka Technologies Inc. ($20 million)* Mascoma Corp. ($100 million)

*Denotes companies that have filed for bankruptcy.

The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy.