(PresidentialHill.com)- Passage of the Democrats’ $369 billion climate package will allow President Biden to pump billions of public money into green energy infrastructure and climate change prevention, despite failing to successfully handle green monies as vice president during the Obama administration.
White House archives show that the 2009 ‘American Recovery and Reinvestment Act included $90 billion for similar environmental measures. According to Biden’s campaign website, he oversaw the Recovery Act’s funds, which led to the loss of enormous sums of taxpayer money.
Larry Behrens of Power The Future said that Joe Biden’s record on managing energy dollars is awful. Biden was the author of the Solyndra catastrophe.
According to White House files, Biden loaned solar panel startup Solyndra $535 million in 2009 to boost renewable energy. Solyndra went bankrupt in September 2011. Thus the loan wasn’t used. This prompted a Treasury Department probe into the company’s finances.
The Recovery Act allocated the DOE $42 billion to fund renewable energy infrastructure, environmental cleaning, and other climate measures. A 2011 GAO study revealed concerns about how the DOE managed government money.
The GAO reported that it was unclear whether Loan Guarantee Programs (LGP) created jobs, which was an expressed goal of the program because the DOE “lacked sufficient methods for monitoring success” and had “reporting and quality concerns” when analyzing green program job counts. The GAO determined that the government loan program favored some applicants over others.
The audit also revealed that the DOE received loan applications for at least 68 green projects but only guaranteed one, even though a number of applications, including six judged suitable for funding, were submitted five years earlier.
Over a decade later, Biden is returning to swindle taxpayers for his eco-agenda, said Behrens.
In a Sunday news statement, Biden praised the Senate Democrats’ bill. If the ‘Inflation Reduction Act’ passes Friday as expected, Biden will have four times the money for climate projects he had in 2009.
The bill doubles spending on solar and wind energy. The program will invest up to $60 billion to alleviate environmental injustice and protect low-income neighborhoods and communities of color.
The White House did not immediately respond to DCNF’s request for comment.