|Obama Stops ‘Green’ Stimulus Package|
|by Tom McGregor||Fri, Sep 10, 2010, 02:04 PM|
Noticeably absent from President Barack Obama’s most recent economic stimulus package are any further efforts to create jobs through “green” energy projects, which reflects a year in which the administration’s original and boastfully trumpeted attempts proved mostly unfruitful.
According to the Washington Times, “the long delays typical with environmentally-friendly projects combined with reports of green stimulus being used to create jobs in China and other countries, rather than in the U.S. – appear to have killed the administration’s appetite for pushing green projects as an economic cure.”
The results turned out to be disappointing after months of hype about the possibilities for green energy to stimulate growth. Approximately, $92 billion – more than 11 percent – of Mr. Obama’s original $814 billion of stimulus cash were tangled for renewable energy products when the measure was pushed in early 2009 through Congress.
According to the Washington Times, “even some of the administration’s liberal allies have expressed skepticism over the original stimulus package’s use of green investments as a way to spur quick employment growth at home.”
Samuel Sherraan, an economic analyst at the New America Foundation, a Washington-based progressive think tank, said, “spending on renewable is slow to get out of the door. Leaks to foreign companies is an adequate driver of jobs and growth and may not create a strong exporting industry.”
Just about $20 billion of the allotted cash has been spent – the slowest disbursement for any category for stimulus spending. A few private analysts expressed skepticism over estimates that the green funding created 190,700 jobs.
Peter Morci, a business professor at the University of Maryland, believed that much of the green stimulus funding was “squandered.”
To read the entire article from the Washington Times, link here:
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