The Obama administration is handing out green energy subsidies faster than the Federal Reserve can print new money. A generous government handout in the form of a $529 million loan has been award to a company called Fisker for the purpose of producing high-end electric sports cars — in Finland.
According to ABC News, the company has announced that it will manufacture the cars in Finland because there is no facility in America that meets their requirements to produce the electric Fisker Karma – a surprising revelation since Finland is not exactly the center of the automotive industry.
Fisker’s claim that the engineering and development work is to be done in the United States is of little consolation when the long-term manufacturing jobs are in Finland and are only made possible by the forced “generosity” of American taxpayers.
It seems these days that the only beneficiaries of the federal government’s obsession with green energy are well-connected businesses schooled in the art of crony capitalism. Congress needs to move quickly to ax all funding for green energy projects. Or as an alternative they could move green energy loans and grants to the foreign aid line item in the budget.
Permission to reprint this blog post in whole or in part is hereby granted, provided that the author (or authors) and the Mackinac Center for Public Policy are properly cited.
Permission to reprint any comments below is granted only for those comments written by Mackinac Center policy staff.