Tags: Obama | jobs | loans | guarantees

$38.6 Billion Obama Loan Program Lags on Jobs

Thursday, 15 Sep 2011 11:08 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
A $38.6 billion loan guarantee program has gone through half the money and created just 3,545 permanent new jobs in two years. The Obama administration promised that the green technology program would create or save 65,000 jobs, The Washington Post reported.

The loan guarantee program has come under scrutiny with the collapse of Solyndra, a solar panel company that received $527 million in loans. The Energy Department maintains that the program is on track to meet its employment goals and is taking credit for saying 33,000 jobs at Ford, the Post reported.

“I always take these job estimates with a big grain of salt,” Josh Lerner, a Harvard Business School professor, told the Post. “There tends to be a lot of fuzzy math when it comes to calculating these benefits” regardless of which party takes credit for programs.

Ford said the $5.9 billion loan helped turn truck and SUV plants into “flexible manufacturing plants capable of building more fuel-efficient vehicles” thereby retaining 33,000 employees who can now build fuel-efficient cars. The Brookings Institution’s Mark Muro, who researches the clean-tech industry, said the Energy Department seems to be counting every employee working in upgraded plants. The question should be how many workers would have been laid off without the loans, he said.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Scientists: Earth Had Narrow Escape From 2012 Solar Storm

Wednesday, 30 Jul 2014 19:07 PM

A powerful solar storm's near-miss with Earth two years ago could have wreaked massive havoc, but businesses and governm . . .

Montel Williams Rips VA Bill

Wednesday, 30 Jul 2014 17:55 PM

Marine and Navy veteran Montel Williams said over the weekend he would have to read the $17 billion VA bill before comme . . .

Voice of America Worries House Bill Would Harm Integrity

Wednesday, 30 Jul 2014 17:29 PM

Voice of America officials are concerned that a new House bill to overhaul U.S.-controlled international broadcasting wi . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved