Is the share of stimulus money proposed for green investments enough?
Nearly a third of the $550 billion Congress is set to allocate in direct spending is called “green,” including money to modernize electricity transmission and experiment with a “smart grid.” But just $8 billion is destined for renewable power and electricity-related spending, according to an analysis by FBR Capital Markets. Another $16 billion in tax credits–of $275 billion of overall tax credits–is devoted directly to green-energy development.
Renewable energy advocates insist these funds are only a down payment on the investment needed to reach President Obama’s goal creating millions of green jobs and doubling the nation’s supply of clean energy over the next three years.
Read the full story in the Christian Science Monitor at the link below.
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The article points out how inefficient this bailout money will be spent. It quoted that, on average, the stimulus package will create 3.7 jobs for every million dollars spent. That’s $270,000 per year for each person going around to schools in our country and replacing regular light bulbs with compact flourescent, digging ditches or pouring concrete for new bridges. It’s about time low level workers got paid the same money as a Harvard MBA to do low skilled tasks.
According to a poll I read, 70 percent of voters appose it and every single Republican congressman voted against it because of too much pork and special interest payouts.
But I digress… Yes, Obama should have allocated $’s for the Federal Government to purchase renewable energy. The rest of the bailout should have been in the form of corporate and individual tax cuts. This would have put the money back into the hands where it is most needed – and not in the hands of the Government who plan to spend $337,000 per year on low skilled workers.