The Obama administration made Solyndra, a solar-power manufacturing company, a symbol of its “green jobs” push in the Porkulus program. Barack Obama himself toured the factory, as did Barbara Boxer.
Taxpayers ended up sinking $535 million into building Solyndra a new facility that promised to add jobs in the clean-energy sector. Instead, now that Solyndra has its new facility, it’s closing another older facility and will lay off dozens of employees and cancel the contracts for 150 more contract workers:
In other words, we invested $535 million, a significant portion from China, into a company that apparently couldn’t compete on a price basis with its foreign competition leaving us on the hook for the investment
Solyndra did all right though; they got a nice new facility and now can dump their old plant. The old building will sit vacant for a long time in all likelihood while Solyndra downsizes and attempts to stay in business at their taxpayer-funded digs.
It’s an object lesson in the incompetence of politicians and bureaucrats to pick winners and losers in private markets.
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