This story, much linked of late, reports that on yet another underperforming "green jobs" program:
A $38.6 billion loan guarantee program that the Obama administration promised would create or save 65,000 jobs has created just a few thousand jobs two years after it began, government records show.
The program — designed to jump-start the nation’s clean technology industry by giving energy companies access to low-cost, government-backed loans — has directly created 3,545 new, permanent jobs after giving out almost half the allocated amount, according to Energy Department tallies.
But wait!
Suppose it actually did what it says on the label: "created or saved" 65,000 jobs.
It would still be costing $594,000 per job "created or saved." And for how long would those jobs exist? Just until the subsidy ran out? Two years? Six months?
Yeah, yeah: it's not a direct subsidy, just a loan guarantee that puts the taxpayers on the hook in the event that these ventures fail. How likely is that? Or is that even considered a legitimate question?

Recent Comments