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Obama Awards Nearly $2 Billion For Solar Power
crimeandpunishment writes "President Obama says it's time to heat up solar power, and he's willing to spend a big chunk of federal money to do it. Saturday the president announced the government is giving nearly $2 billion to companies that are building new solar plants in Arizona, Colorado, and Indiana. The president says this will create thousands of jobs and increase our use of renewable energy."
These are loans, not give away money. I am fine with that. Obama's 1'st years and W' 8 years did trillions of give away dollars all based on deficits. This is the feds lending the money at a low rate. The 2 billion loan will probably cost us around 100 million long-term. In fact, the smartest thing that Obama/congress can do is to lend the money to state and local entities to build out projects. Had they done that originally, then we would have a pretty low debt down the road (though with the potential to have much higher).
I prefer the "u" in honour as it seems to be missing these days.
1.45 billion is a LOAN. If the Spanish company takes the money and runs, the feds are on the hook for it. If they take the money and default after they complete the project, the feds are on the hook for the money, but we get the project. If they don't default, the feds are on the hook for $0.
The 1.45 billion is not part of the budget, it is not being paid by tax payers at this point, it is a loan from a bank (not the feds) that the feds are insuring.
Increased power consumption is a fact of life in the US today. You can either invest in Nuclear (assuming you could get it okayed) for $3-5 billion; a coal solar park for $1.45 billion; or a coal plant for about $1 billion even. In any case, the feds are going to have their ass on the line for the project, and IMO, increasing the risk by 450 million is well worth it for not having to deal with the ramifications of yet more coal plants.
-Rick
"Most people in the U.S. wouldn't know they live in a tyrannical state if it walked up and grabbed their junk." - MyFirs
If they make it and produce electricity, then they will have to repay this loan over the years. So, unless the company screws up very badly or unless the the Sun turns off, in the end this will cost tax payers exactly $0.
How exactly does subsidizing solar power prevent Muslims from crashing airliners into skyscrapers
But more importantly, subsidizing solar power research means people can import less energy. Reduced global demand for petroleum reduces the market power and therefore political power of countries that harbor Islamist crusaders like the ones who committed a mass murder-suicide in New York on 2001-09-11.
He's actually not spending any money. The companies building solar power are taking loans for $2B and probably expect to make a profit.
The terrorists did quite a bit of their training, particularly the training in how to operate an airplane, in an oil producing nation with a history of invading other other producing nations; that same nation's government also gave specialized training to the people who organized the 9/11 attacks, including Osama Bin Laden himself! Why did we not invade that country?
Oh, wait, that nation was the USA.
Palm trees and 8