In 2008, then-candidate Barack Obama promised to create 5 million “green jobs” if elected president. However, an analysis by the Institute for Energy Research (IER) finds that since 2009, the Department of Energy’s (DOE) $26 billion loan program created just 2,298 permanent jobs, at a cost of $11.45 million per job created.
“The losers are the American workers who would otherwise be gainfully employed but for the tremendous waste of taxpayer dollars on the administration’s obsession with ‘green energy,'” said IER Policy Associate Alex Fitzsimmons. “As the economy continues to suffer and dollars for federal programs get harder to come by, it is getting increasingly difficult to defend a program that costs so much and produces so little.”
In his New York Times bestselling book Throw Them All Out, Government Accountability Institute President Peter Schweizer revealed that 80% of Department of Energy loans went to companies owned by or connected to President Barack Obama’s top campaign fundraisers.