The Obama administration loans for “green” energy have been such a disaster that we have to wonder if anyone will want to invest for decades. Here’s another example
(Fox News) President Obama touted it in 2010 as evidence “manufacturing jobs are coming back to the United States,†but two years later, a Michigan hybrid battery plant built with $150 million in taxpayer funds is putting workers on furlough before a single battery has been produced.
Workers at the Compact Power manufacturing facilities in Holland, Mich., run by LG Chem, have been placed on rotating furloughs, working only three weeks per month based on lack of demand for lithium-ion cells.
The facility, which was opened in July 2010 with a groundbreaking attended by Obama, has yet to produce a single battery for the Chevrolet Volt, the troubled electric car from General Motors. The plant’s batteries also were intended to be used in Ford’s electric Focus.
The plant is owned by a South Korean company, and, even better, the actual batteries in the Chevy Diego, er, Volt, are made by the same company IN S. Korea.
So, in addition to shipping jobs overseas, he continues to ship our TAX DOLLARS overseas.
Used to be, there was a requirement that any funds given out by the feds had to only go to American-owned companies.
Meh, but then what do laws matter nowadays.
This company will seek bankruptcy soon, joining a very long list of other tax dollar recipients who have gone bankrupt without paying the citizens back.
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