Wikipedia defines Crony capitalism as an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
The Washington Post reported that, “$3.9 billion in federal grants and financing went to 21 companies backed by firms with connections to five Obama administration staffers and advisers.”
The White House claims, of course, that awards were based on merit and not political connections, and that no staffers or advisers with such ties made any funding decisions related to these companies and “pigs have started to fly.”
E-mails released in a congressional probe of Obama’s clean-tech program show that staff and advisers of Obama with links to venture firms informally advocated for some of those companies.
Easily recognizable are Ener1 and Solyndra, for example. Both are now bankrupt, and White House aides face possible House subpoenas over Solyndra, which has wasted $500M taxpayer dollars, so far.
While speaking about a lot of “green” spent on failing green technology, a new University of Tennessee report reveals Obama’s electric cars could cause more environmental harm than gas powered cars. Why, you may ask?
Because more dirty coal must be burned to generate the required electricity to charge the vehicles. You have to plug the cars into a socket somewhere. The study was conducted in China, where there are more than 100 million electrically powered scooters and cars.
Some 75 percent of electricity in China is generated by coal, while half of the electrical power in the United States is generated in coal-burning power plants.
Obama’s Government Motors Chevy Volt with a $7,500 taxpayer subsidy wasn’t enough to make rich consumers buy them. Now he’s proposing to raise the subsidy to $10,000.
Why doesn’t Obama simply dictate that Americans must buy electric and hybrid cars, while he reigns, just as he did when he tried to abolish religious freedom or force private insurance companies to provide drugs and services for free as a compromise.
Despite wasting billions on unsuccessiful green energy projects, Obama is unable to find a paltry $13 million needed to fund the extremely successful and popular Washington, DC, educational vouchers program out of his $3.8 trillion budget.
Obviously, our president is so beholding to the NEA that he doesn’t want to throw a lifeline to minority parents, who want their children to have a better educational opportunity than the one currently available within DC’s miserable public schools!