Below is excerpt from this issue of "The International Forecaster", a
world wide financial newsletter;
President Barack Obama today announced $.85 billion in loan
to Abengoa SA’s Abengoa Solar unit and Abound Solar Inc. to build
facilities in the U.S. that he said will create thousands of new jobs.
In his weekly address on the radio and Internet, Obama said the money
the Department of Energy will help the U.S. transition to a “clean
energy economy” that
creates hundreds of thousands of jobs in the future.
“We’re going to keep competing aggressively to make sure the jobs and
industries of the future are taking root right here in America,” Obama
The loan guarantees will come from money in the $62 billion economic
stimulus program enacted early last year. Obama announced the funding
the day after
government figures showed private employers adding fewer workers than
June, reinforcing concerns the economic recovery will weaken.
“The recession from which we’re emerging has left us in a hole that’s
million jobs deep,” Obama said. “And as I’ve said from the day I took
office, it’s going
to take months, even years, to dig our way out.”
Abengoa Solar, a unit of the Seville, Spain-based engineering company,
receive a $.45 billion loan guarantee to build a solar-power plant in
Arizona that will
create 1,600 construction jobs and 85 permanent jobs, according to
documents released in conjunction with Obama’s address.
The power plant will be the first of its kind in the U.S. and generate
energy to power 70,000 homes, Obama said. [The same program was used
and it was a total failure. The street hustler from Chicago is blowing
So that's $.45 Billion for only 85 permanent jobs? From there. I could easily
do the math to figure the cost of creating the missing 8 million jobs, bit I
don't think I want to know!
I am not to be counted among Obama's usual right-wing political detractors, but
this does not sound like a smart deal to me.
Agreed. That's ~ $ 21,000 per home supplied in loan guarantees only !
How much will the electricity cost ? The maintenance etc ?