Time for White House to shelve green jobs plans?
US jobs growth stalls
- Duration 9:12
- Date Jun 2, 2012
US jobs growth stalls
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-- talk about bad driving Democrats are touting green jobs at the very same week we find out that job growth is really stall it.
And the same week new reports show the administration's one billion dollar investment -- green car batteries.
Is and creating the jobs promised also.
-- or automotive may not build won the hybrid car in the US despite getting nearly 200 million dollars in US backed loans.
Is it time for the government to stop pushing these green job -- Hi everybody I'm David has been welcome to -- -- marks here whether it's today.
-- -- -- -- -- -- -- -- -- -- Rick Unger and John -- rich we just found out that senator Harry Reid on Wednesday is gonna be touting another round of of green job programs are they work it.
You know they're really not to these green jobs are costing about 200000.
Dollars per job you compare that to the American venture capital industry which creates a job.
For about every 20000 dollars of investments so 110 the cost in the private sector.
And the government really just isn't keeping pace with -- what's going on in the world so by the time it funds.
These companies it's way behind insulin -- the console ever got funded by the government.
The Chinese price was already far beyond what -- could match.
-- last thing we know is it about 70% of these green investments are going toward backers financial backers.
Of this administration's.
So you you know there's this whiff of payoff involved for all of those reasons it should be shut down.
But break it instead the government that the president had senator Harry Reid and others are doubling down on this bet that doesn't seem to be paying off.
What -- let's let's be realistic here in May not be paying off today that's a fact of life but you know we can't make decisions.
About our future based on what's working today.
You know if if we were to do this -- -- way we'd basically be raising the white flag and capitulated to China who is spending.
Enormous amounts of money subsidizing.
They're solar industry is that what we want do we want our kids end up working for Chinese companies -- middle management are we wanna give them an opportunity.
To all of these companies it's looking down the road if we end up as an also ran in the green energy field this cannot be a good thing for the United States.
But Mike there's all this create Havoc act -- going to try to prove that these programs work when in fact.
It doesn't look like they -- we're glad it's not just cars and batteries by the way there's a -- program that that the government has.
Four point three billion dollar program the government claims it created 7300 workers in fact the Wall Street Journal went in and found only 300 workers.
That's fourteen million dollars per job at a cost basis it's really hurting business David and really hurting our recovery on a cost per kilowatt hour.
He's green programs -- -- much less efficient than traditional sources of energy for instance solar power is 35 cents per kilowatt hour.
Oil natural gas coal -- below a nickel so it's a real detriment to our economy all these green programs right -- Mac Rick says yeah yeah yeah yeah said he hates you because eventually these things will pay off but how long do we wait.
Now we can't do this right now I'm sorry but the president has clearly lost the plot line inconvenient truth is this.
When your driving at -- -- -- dashboard and you're at the wheel.
And you seen historic crack up like we just experienced one of the worst downturns ever.
You do not do you know reckless moon shots on fly by night companies that will not return investments back to the US taxpayer -- not create jobs.
And that this was such a great program why the president himself this about the Department of Energy green and your energy program saying quote I could understand that this is not our program -- say it was so great why is he walking back away from it.
And John -- it's it's it's a tough sell to say double down on a bat.
That when you look at this said that the job figures that came out yesterday doesn't seem to be workers.
Oh yeah I mean if this weren't so -- -- that this is just beyond sad the Obama administration says that its investments are stimulating the economy.
But if that were true these would be profitable investments and if -- profitable the Obama administration would not need to make the investments that the private sector does not want to you.
On what we don't know here and what we'll never know are the company's.
And jobs that were never created because we are are sending limited capital in the direction of something the markets don't want.
What shut this down and answered -- point about China.
If there's such good investments for China we will happily import that are in innovations if they ever make market sense -- -- You know I I I find -- conversations so -- We've been subsidizing energy since 1798.
When we first slap tariffs on the British coal business.
I don't understand this we have always subsidized energy mistaken that Smart -- -- now we find ourselves and wait a second now we find ourselves in this situation.
Where we see other countries dramatically subsidizing.
The next generation of energy and you guys -- -- just raise the white flag of surrender.
The marketplace is yeah.
-- -- go -- big reminder and a Smart way these programs serve should be battered.
Keep irrational hope alive like they will create jobs this is as misleading as -- president's.
Recent ad touting the bailouts -- General Motors as saying look.
That they -- that the -- very wind is getting repaid when that's not so that's a Tom Hanks video that really misled the American people GM so closest billions of dollars.
All this talk about job creation with the green energy program cannot be proven.
Even the government itself says he cannot prove it it's the same thing with being capita can't prove whether they lost or created jobs they did it -- millionaire or not trust.
Hundreds of years what it is everywhere we're gonna get your rights.
Rick go ahead everybody's -- Rick go ahead it's the execution it's the execution that is so flawed here -- I mean I there there might be a place for government investment it but it should be government are indeed should be coming out of the Defense Department.
That's where the semiconductors were first -- that's -- the Internet was first funded.
But the company said bill.
Not good but that people who -- companies around those technologies did it in the private sector.
So I agree with you to a certain point of the execution when you're actually giving money to Obama administration donors.
Who may know nothing about the industry that's what's.
Why Paul the second -- -- let me just ask your question because.
People would argue as to how much the coal and oil industry are subsidized but even if you take their point.
Take your point that they have been somewhat subsidize in the past by tax breaks it's -- Are we know that those energy sources produce energy efficiently that they are profitable way of creating energy we don't know that about solar we certainly don't know that about wind and in fact there seems to be evidence to the contrary.
-- honestly you can say that about any future technology investment you don't really know until you get there but let's talk about let's talk about Maloney Rick we do you know.
That's -- not a second we do know that the price of solar is down 70%.
In the past three years we know that the prices on wind.
Are down 40% in the past three years it's obviously going in the right direction when he knows everybody else was -- -- of the job that's.
John Sammy the fact is is that in in in the case of eggs and we had this four billion dollar program.
That rather than creating jobs we shot sought jobs -- from 7200.
Down to 300 so there's a lot of evidence -- these things are not -- They're not efficiently in -- Rick Rick is contradicted himself if the rest of the world is subsidizing.
What's not working in the marketplace why not let the rest of the world subsidize these new future energies if it turns out they work we benefit these we can import them.
If it turns out what you don't have that we are going to be miserable failures.
We don't waste goes on in the bottom line here -- -- -- why are you saying it is that we desperately need jobs as a nation we are not growing as fast as we should be we need jobs wherever we can get them.
Even if that means getting our fingers a little dirty with cold and in fact the innovation in coal and natural gas with fracturing David have been superior to what's been happening and solar and wind which is one of the reasons why those industries.
Are much more efficient and solar and wind power Rick what is more vital to the nation right now that we we invest in energy sources that are -- -- unproven.
Or that we focus on getting jobs even if that means going into carbon energy sources.
I've I think you have to do but I think the reality -- it's like running a business you do have to worry about today.
But how do you not worry about things long term.
You know I can see this conversation -- -- here in ten years and if there happens to be a democratic president and we're lagging behind in this industry.
You're all going to be screaming how are we ready -- Chinese you know all of us when -- -- no -- -- these clean energy.
And I you know what's -- knew him when he really -- -- -- -- by the backdoor.
Or hollering now our US families who don't how we're seeing jobless rates rising full unemployment is so dreadful at 15%.
That's what we need to address.