The Solyndra Economy
Wall Street Journal opinion editor Paul Gigot summed up the Solyndra scandal perfectly during the Fox News Sunday panel Sunday.
Gigot said of Solyndra:
It’s not just a metaphor for the Obama policy, it is the Obama policy. It’s the idea that you can politically allocate capital, you can have government-direct investment, and you can create jobs, you can create wealth. And the fact is, it can’t. We discovered that. There are $39 billion worth of these Energy Department loans in addition to Solyndra. How many jobs have they created by one measure? Four thousand. I think that’s $10 million a job.
That’s a ringing indictment of the Obama economy. The green jobs initiative has turned into a big bust. It is yet another example of the president pursuing an ideological agenda instead of pushing a pragmatic approach to help the economy. Most of his initiatives have damaged/hindered the domestic economy. Let’s count the ways.
1) Health Care
2) Financial Regulation
3) Environmental Protection
But fear not. The White House has a plan to get Americans back to work. President Obama spent the last fortnight talking about his jobs bill.
He hopes another round of stimulus will jump-start the economy and help him win re-election. Tax and spend—that same old Keynesian formula-will get America out of its economic malaise.
Government knows best. That’s the president’s battle cry.