GOP's Solyndra Wing; Republicans who love corporate welfare
Bloomberg reports that half the solar companies that have received loan guarantees have gone bankrupt. Renewable energy deserves every chance to compete in the open marketplace backed by private investors. But DOE's taxpayer bet on alternative energy is looking steadily worse over time.
July 19, 2012
in Wall Street Journal
If Republicans are remotely serious about cutting the federal budget, one litmus test should be eliminating the $34 billion loan program that produced Solyndra-the solar company that went bankrupt after receiving $500 million of taxpayer subsidies.
Today the House Energy and Commerce Committee will vote on a bill sponsored by Chairman Fred Upton called the No More Solyndras Act. This would defund the Energy Department loan guarantee program. But some Republicans are teaming up with Democrats to save the subsidies for wind, solar, nuclear and advanced coal projects that are in their own backyards.
Republicans Joe Barton and Michael Burgess of Texas... [continue via Web link]