When Barack Obama came into office, he inherited an economic crisis. There were two ways forward. He could embrace the fundamental free-market principles that made our country prosperous and great, or he could go in the direction of more government, more bureaucracy, more bureaucrats, more regulation, more subsidies, more loan guarantees, and cronyism.
As Solyndra shows, he chose the latter.
As a candidate, Barack Obama promised to create five million “green” jobs. Solyndra, a solar-power panel manufacturer, was to be a showcase in that endeavor. “The true engine of economic growth will always be companies like Solyndra,” is what President Obama told us.
Solyndra, of course, was a recipient of federal largesse in the form of Department of Energy loan guarantee totaling more than half a billion dollars. The Obama Administration was in the business of picking winners and losers in the marketplace. And it was picking them with the help of politically connected donors to the Democratic Party.
This is not the way our markets are supposed to work. Indeed, government intervention of this sort reflects a mindset that is outright hostile to the market-based principles that built America into an economic superpower. The consequences of President Obama’s cronyism are plain for all to see.
Solyndra is now a “true engine” of bankruptcy. Its 1,100 employees have joined the ranks of the unemployed. Taxpayer dollars have been wasted in an extravagant way. The FBI is investigating. Solyndra’s “highly visible world class manufacturing facility” is for sale. Similar stories can be told about many of President Obama’s failed “green” investments. So much for the five million new “green” jobs.
President Obama intended Solyndra to be a symbol of his presidency. Ironically, he succeeded brilliantly.