On the recordNovember 16, 2011
This is a tale of two jobs programs. In the first, the government moves to put $500 million in loans in a private company. These loans are supposed to build a factory and create what the Vice President calls permanent jobs. The President tours their facilities, the Secretary of Energy lauds the company, top White House officials show an interest in the project, OMB worries are overruled, and the money is handed out. A year later, the company is bankrupt and all of the government money is lost. In the second tale, a private company wants to build a pipeline that would create 20,000 jobs directly and a hundred thousand jobs indirectly. They don't need a single dime of government money. In fact, they're paying the bill for significant government environmental reviews of the project. Even though their project is declared safe by the State Department, they're ordered to perform another year of environmental studies. Solyndra and Keystone XL--we have a White House that is eager to waste the public's money on one failing company but stands in the way of another company who doesn't need a dollar from the American taxpayer. Go figure. ____________________
