“The only problem we have is these credits were working so well, there aren’t enough tax credits to go around.” – President Obama, July 9, 2010
Yesterday, battery maker A123 Systems declared bankruptcy. On Monday, Fisker Automotive, an A123 Systems customer, delayed production of its $55,000 mid-size gasoline-electric sedan by at least two years. President Obama’s deployment of taxpayer funds to pick winners and losers in the global energy economy is terrible policy that should end.
A Senate Republican Policy Committee analysis of President Obama’s failed investment of billions of taxpayer dollars in “green” energy companies is available here.