White House calls for $2 billion for new green energy fund
Is this the best use of your money?
- Duration 4:15
- Date Feb 14, 2013
Is this the best use of your money?
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-- America saddled with sixteen trillion dollars in debt.
With that in the backed up the White House is now calling for two billion dollars to fun and more green energy projects the policy prescription comes despite the fact.
That several of these companies that have been invested -- have gone belly up after taking nearly 600 million dollars in taxpayer cash.
Steven Hayes senior writer at the roster at us weekly standard excuse -- and Fox News contributor Steve good morning good to have you with us.
They let that you know -- we've given a lot of attention to Solyndra and the others we're gonna pull up a list of them in just a moment.
It's somewhat surprising given that background in the history of these programs that the president would you know pursued this.
At a time -- a lot of people are skeptical about his his ways to -- the economy.
Yellow and as you say in the context of sixteen and a half trillion dollars in in -- I think that's -- pretty significant.
Amount -- the the interesting thing is I think this demonstrates like so many other things in the state of the union that the president in his first and foremost.
An ideological president he's got a philosophical world view he's the progressive -- to the left.
-- he believes in doing that -- not the pragmatists that I think a lot of people thought it was when he ran in 2008.
And this is something he believes in very strongly so I think we're likely to see him continue to throw money at at this.
Even though as you say you've had problems with so many of these green energy companies.
That that have received government funding over the past four years.
-- let's let's take a look at somebody is nonetheless a Linda is a name that sort of became synonymous with.
There are others -- and you can see and -- one is on that list.
-- -- is also on that list and as they come up a 123 systems is another one that was sold to the Chinese.
I believe beacon power.
Also had a lot of problems but you know I mean I would imagine that the administration is say look anytime you make these sort of investments you're gonna -- you're gonna have some losses it's the winds that you wanna be -- concerned with and whether or not -- gains that you make outweighs some of those that don't pan out.
Well first of all we haven't seen many gains we've had The Heritage Foundation has put out a list of 34.
Green energy companies that have received this federal.
This money in one way or another that have either failed it completely there are in the process of going bankrupt I mean that's a significant.
Failure rate and it's one thing I think to do that with private capital if you're making those kind of investments and you have those kind of losses.
That's fine it's quite another to do with taxpayer money particularly again in the context.
Of this kind of debt and deficit situation that we -- we look at you you can have people of all political stripes who who would favor.
Green energy for broadly understood I mean and nobody is opposed to green energy question is whether in this.
The economic picture that we're facing right now the fiscal picture of the country.
We should be taking those precious resources and and channeling them tilt toward green and -- products that have demonstrated that they haven't -- either market ready or or workable.
At EUC market ready in in my mind that's the other huge question here.
When our start -- in America and when there is a market for products.
You have analysts that cover these companies and say look this is a good investment this isn't about as good investment is this the thing that the US government is good at dealing.
Right exactly you seen -- -- there have been examples of this story in the in the Wall Street Journal.
Today about algae cam another company that makes advanced car batteries recipient of a 142 million dollars in federal government money.
You had basically spent that's the third quarter with its employees doing nothing you're paying -- employees money derived at least in part from taxpayers.
To sit around and play games in that in the plant because they worked for opted to US buyout production scale.
That's a huge problem I mean he is -- you -- it's probably no matter where if we -- running surpluses that's a problem but it's probably at a time when we're pinching every single penny.
In every other area -- mean look at the kinds of cuts we're talking about in defense look at the kinds of cuts were talking about.
In discretionary programs and at the same time we're throwing an additional abuse several billion dollars at green and -- programs that I've had so many problems over.
You don't have any money I spend that money really wisely and as Steve thank you very much Steve -- good to -- yeah thanks --