TPN--Judson Phillips: Why We are Broke

When people go on spending sprees, they usually have something to show for it. Perhaps they have a house or cars. Maybe they have jewelry or consumer electronics.

America has been on a spending spree for the last four years. Given the amount of money we have spent, you would think that we would have streets paved in gold and every American would have a new car in the garage.

America spent a lot of money and we have nothing to show for it.

Why?

Here’s one simple theory.

That is the goal.

Barack Obama and the Party of Treason want to bankrupt America. Barack Obama, Nancy Pelosi, Harry Reid and the other members of the Party of Treason are not real Americans. They give lip service to America but every one of their policies has one simple goal. It is to weaken America.

One good example of this is what is called “Section 1603” of the Renewable Energy Stimulus Program.
The Obama Regime included Section 1603 in the Recovery Act (also known as the Porkulus act!). Section 1603 created a grant program administered by the Treasury Department that gave corporations cash grants instead of tax credits to create so-called “renewable energy.”

You would think that the money spent in this program would be spent on American corporations. After all, it is meant to stimulate the American economy and create American jobs.

Instead this program has become a cash cow for foreign corporations.

The biggest winner in this boondoggle has been a Spanish corporation called Iberdrola S.A. They are a multi-billion dollar energy company in Spain. Some of their multi-billions includes $1.7 billion in payments from the US Treasury through their American subsidiary Iberdrola Renewables LLC. Another Spanish company has done quite well. EDP Renovaveis SA. Through their American subsidiary, they received $722 million.

Fleecing the American taxpayer is not just a job for the Spanish. The Germans are in on the act too. E.ON is one of the largest energy companies in the world and the largest investor own utility in the world. They got $576 million from the Treasury.

French, Japanese and Italian companies received millions in “grants” from the Treasury for these bogus wind farms and solar energy plans.

In short, through this program, at least $4 billion in US tax dollars has gone directly to some of the richest foreign corporations in the world.

This was the stimulus program remember?

The purpose was to create American jobs. Investigators with the House of Representatives have looked for permanent jobs created by the spending in Section 1603. They have had a lot of trouble finding any proof of permanent jobs created but experts who testified before the House Energy and Commerce Committee have pegged the cost of the jobs created by this wasteful government spending at about $1.2 million per job!

If the Obama Regime were really serious about saving America from the economic depression they created, they would occasionally get something right.

All we have to show for Section 1603 and the rest of the stimulus spending is a lot of debt. We are sending out tax dollars to rich corporations and other nations. What do we have to show for it?

We have a massive debt that sooner or later, we are going to have to deal with.   CONTINUED: 

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