BP (NYSE: BP) and Renewable-Energy Hoax

Solar Energy Stimulus Spending Fiasco

With the shutdown of the solar panel manufacturing plant in Frederick, Maryland, it put the spotlight on the complete hoax behind the Obama administration assertion it was going to create 700,000 renewable-energy jobs with its $80 billion in stimulus spent on the sector.

Although the Obama administration may be creating renewable-energy jobs, those jobs are primarily located in Asian countries like China and India, not in the United States. Thanks Obama for spending our tax dollars on foreign job creation; tax dollars we don't have to spend.

In his usual cluelessness, Vice President Joe Biden said the $80 billion stimulus package was creating “unprecedented growth” in the solar and wind industries.

What is happening is companies in the U.S. are receiving funds to create jobs here, while expanding exponentially in other countries.

For example, First Solar, based in Tempe, Arizona received $16.3 million in taxpayer dollars for the purpose of hiring 200 people at a plant in Ohio. But in fact, just over 70 percent of their hiring will be in Malaysia.

U.S. Suntech Power Holdings Co. received $2.1 million to put together solar panels in Arizona, but they will hire about 11,000 people in China to build them.

This isn't saying they're taking the money and running, what it's saying it they're getting the money with the thought they were hiring in the U.S., when they really never had the intentions of doing it over the long term, but were committed to Asia all along.

As the closure in Maryland shows, U.S. companies can't compete in this area, so throwing money at the industry was never going to create jobs, but probably was just another way to shore up companies in the short term so they could survive long enough to expand into Asia.

If that's not the case, then someone will have to explain how so many companies missed their projections in how many jobs it would create for the long term. Not all of these and other could be that stupid in business practices.

This is a complete hoax, and again, there's no way the government couldn't have known this was the case, unless the people involved are so inept they are ignorant. What ruined their plans I think is the quickness in which the weakness of the idea failed. It wouldn't have been noticed as much if it had been a couple of years out. Now the U.S. government needs to answer on their wasteful spending for an industry that never had a chance in America.