Stimulus backed Company Files For Bankruptcy

The Competitive Enterprise Institute’s Chris Horner estimated that the $30 billion green handout in the stimulus bill cost taxpayers roughly $475,000 per job created. According to the Wall Street Journal, that’s quadruple the cost of creating a job in a nonsubsidized private firm. It turns out that Horner was right on the money, even for non-energy related "green" jobs.

In 2009, the U.S. Forest Service awarded $490,000 of stimulus money to Nevada’s Clark County Urban Forestry Revitalization Project, aimed at revitalizing urban neighborhoods in the county with trees, plants, and green-industry training.

According to Recovery.gov, the U.S. government’s official website related to Recovery Act spending, the project created 1.72 permanent jobs. In addition, the Nevada state Division of Forestry reported the federal grant generated one full-time temporary job and 11 short-term project-oriented jobs.

Last week, the Massachusetts-based Evergreen Solar filed for bankruptcy, after laying off 800 workers in March. Now, they are slated to dump another 65 workers by closing a plant in Michigan. This, after receiving an undisclosed amount of stimulus cash, in addition to $58 million in state aid.

Now we learn the Boston Herald is reporting that Evergreen Solar has filed for bankruptcy. The Herald article mentions subsidies from Massachusetts state government, but doesn't mention that the company benefited from the Obama administration's stimulus as well.

Looking at the failure of the stimulus to live up to its promises, not just in Nevada, but throughout America, the question should be, 'has there been any good use of stimulus money?'

Barack Obama's green jobs and stimulus have been a bust. Still next week Obama will say he needs another stimulus bill to increase employment in America. As with the last stimulus bill another would just put America deeper in debt.

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