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August 23, 2012

Another Wind Company Bitting The Dust After Taking Tens Of Millions Of Taxpayer Dollars

Topics: Political News and commentaries

And wouldn't you know, it was a Democrat governor that pushed it:

The struggling, foreign-owned wind power company that laid off two-thirds of its Arkansas workforce earlier this month after receiving more than $30 million in aid from the federal government also received $15 million from the state of Arkansas and was heavily promoted by the state's Democratic governor.

[...] According to the Arkansas Democrat-Gazette, the firm received $6.9 million from Arkansas Democratic Gov. Mike Beebe's Quick Action Closing Fund, and $8 million from the state's Economic Infrastructure Fund. It also received a 25-year corporate income tax exemption, sales-tax refunds on building materials and equipment, and a 5 percent rebate on new payroll for 10 years.

"Today we celebrate the result of this successful partnership," Beebe announced in 2008 when LM Wind Power opened its doors.

Beebe has been an ardent supporter of subsidizing wind energy.

... Gov. Beebe's office did not return multiple requests for comment.

In place of real energy, Democrats focus on an imaginary world where government-subsidized windmills and solar panels can power the American economy. This vision has failed. Government has no business picking winners and losers ... it should focus its "investment" in research ... and let the market decide when, where, and if wind energy is competitive enough to survive and prosper ... and do so on its own.

Related:
More Crony Capitalism in Energy Policy (Today's NYT reports that Illinois-based Exelon benefits has close ties to the Obama Administration -- both David Axelrod and Rahm Emanuel worked for the energy company -- and 'surprise, surprise' -- Exelon has benefited from Administration decisions.)
Mitt Romney To Offer Energy Independence Plan (Sorry, Obama peeps, it does not include energy from unicorns and fairies. )

Posted by Hyscience at August 23, 2012 6:32 AM



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