The president has burdened our economy, job creators and American families with new taxes and red tape that punish American energy sources that do not fit into the his vision of a green economy.  The president has tried to build a Solyndra economy that subsidizes his political allies, favored corporations and a green energy agenda that cannot survive without taxpayer support.

During a weekly address two year ago, President Obama proudly announced that he was awarding Abound Solar a $400 million stimulus loan guarantee.  The announcement came in the midst of the Obama administration’s much hyped “Recovery Summer.”  As most Americans know, the president’s stimulus has failed to create the jobs that were promised.  May 2012 marked the 40^th consecutive month of eight percent unemployment, the longest sustained period of such unemployment since the Great Depression.  The administration claimed that the unemployment rate would not reach eight percent if his failed stimulus bill became law.  Today, Abound Solar joins the growing list of the president’s stimulus failures:

• Abound Solar – The bankrupt solar manufacturer received a $400 million Department of Energy (DOE) stimulus loan guarantee;

• Solyndra – The bankrupt solar manufacturer received a $535 million DOE stimulus loan guarantee;
• Beacon Power – The bankrupt solar company received a $43 million DOE stimulus loan guarantee;
• Ener1 – The bankrupt battery maker received a $118.5 million stimulus grant;
• A123 – The battery maker received a $249 million DOE stimulus grant and is now making significant layoffs; and

• Fisker Automotive – The electric vehicle manufacturer received a $529 million DOE stimulus loan and is now making significant layoffs.

In late June 2012, the House Energy and Commerce Committee highlighted an Obama administration release that boasted about their efforts supporting green energy technologies, titled, “Beyond Solyndra.”  Unlike the president and his Democratic allies in Congress, House Republicans know businesses can flourish without excessively burdensome government red tape, and disavow a “Solyndra economy” where the government picks winners and losers.  House Republicans have approved legislation that would allow for the safe recovery of the nation’s vast natural resources while removing the senseless regulatory burdens that keep job creators on the sidelines. 

 For questions or further information contact Sarah Makin