Conservatives generally object to “stimulus” spending on two grounds: It’s not an effective job creator, because it redirects money from companies that don’t need government backing to ones that do, and it breeds political favoritism. But amid the ruckus over federal financing for Fisker Automotive’s Finnish-produced line of sports cars — American taxpayers supporting Finland’s labor market — little attention has been paid to the political muscle backing Fisker and a host of other federally financed “green” firms.
Hoover Institution fellow Peter Schweizer reports in his new book that as of mid-September, 80 percent of Energy Department renewable-energy loans went to firms that have supported the president or his party financially. The administration, for its part, seems more concerned with the “optics” of such allegations than the problematic nature of a federal bureaucracy that rewards political insiders. Hence, a former Obama campaign staffer suggested in February that Energy Secretary Steven Chu be fired, not for any alleged wrongdoing, but rather to preempt “the wave of GOP attacks that are surely coming over Solyndra and other inside DOE deals that have gone to Obama donors and have underperformed.”
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