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Public Statements

Another Solyndra?


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This week, we learned that yet another recipient of President Obama's "stimulus" has filed for Chapter 11 bankruptcy protection. After receiving nearly $250 million as part of the American Recovery and Reinvestment Act, electric car battery manufacturer A123 Systems, Inc. has gone belly up and tried to sell an 80 percent stake of the company to Chinese competitors. Reading this story, one can't help but be reminded of the Solyndra boondoggle. This failed company was awarded a whopping $528 million taxpayer-funded loan guarantee and all we have to show for it is 1,800 more jobless Americans and a modern art exhibit that was created using its remaining inventory. Taxpayers can no longer afford to foot the bill for this Administration's political agenda. Unfortunately, President Obama has learned this the hard way while the American taxpayer is picking up the tab.

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