After months of hype about the potential for green energy to stimulate job growth and lead the economy out of a recession, the results turned out to be disappointing, if not dismal, says the Washington Times.
- About $92 billion — more than 11 percent — of Mr. Obama’s original $814 billion of stimulus funds were targeted for renewable energy projects.
- Only about $20 billion of the allotted funds have been spent — the slowest disbursement rate for any category of stimulus spending.
- Private analysts are skeptical of White House estimates that the green funding created 190,700 jobs.
- The Department of Energy has acknowledged that as much as 80 percent of some green programs, including $2.3 billion of manufacturing tax credits, went to foreign firms that employed workers primarily outside the United States!
Despite the massive infusion of government funding in recent years, renewable technologies have captured only a tiny share of the energy market and remain heavily dependent on government funding to be viable, says the Times.