Wondering why $787 Billion in Stimulus funds isn't translating into jobs for Americans? This might be part of the reason.
Of the $1.05 billion in clean-energy grants handed out by the government since Sept. 1, 84 percent – a total of $849 million – has gone to foreign wind companies. Spanish utility company, Iberdrola S.A., alone has collected $545 million through its American subsidiary.
Even more striking is the fact that there are few restrictions on the how the grants can be used, according to a transcript of a Treasury Department briefing. In fact, more than $800 million has been given to firms for wind farms that were already producing electricity before they received the grants, according to a review of the records by the Investigative Reporting Workshop at American University.
"There are no restrictions on the use of the funds," Dan Tangherlini, an assistant secretary for management at the Department of Treasury, said, during a Sept. 1 conference call to announce the grants.
Could the money be used to pay shareholders?
"You know, that's possible," Tangherlini said, when a reporter asked that question during the call.
This is particularly odious since green jobs have been peddled as the next innovation, a market sector that would produce the jobs of tomorrow.
Aren't you glad your tax dollars, adding to a massive deficit, are being given to foreign companies, offshore, with no restrictions?
And you wonder how the unemployment rate could be at 10.2% with such large government expenditures. This is how.
Read the full investigation report here. It has additional facts, graphs and details.
h/t to manufacture this