No wonder many Democratic strategists predicted their party’s 2008 landslide win would usher in a generation of political dominance. Obamanomics, essentially, would divert taxpayer dollars to the Green Lobby – and then into the campaign coffers of the Democratic Party. This is what crony capitalism is really all about: politicians enriching favored businesses, who then return the favor. Or maybe it’s the other way around, Who cares, really. It’s an endless, profitable loop for both.
And Obama almost pulled it off. The Great Recession conveniently allowed the president to start the spendathon under the guise of economic stimulus. (“You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before.” – White House Chief of Staff Rahm Emanuel, 2009). As it turns out, the $38.6 billion loan program for clean energy firms that Solyndra benefited from has created just 3,545 permanent new jobs after parceling out half its dough. That works out to around $5 million a job.
Unfortunately for the Obamacrats, the financial meltdown also undercut political support for cap-and-trade on Capitol Hill. Voters worried the scheme would slow growth and cost jobs. But without permanently and continually raising the price of carbon-based fuels, many green businesses can’t make the numbers work.