Foreign Companies Cop 84 Percent of Stimulus Green Economy Funds
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Instead of creating thousands of new jobs for out-of-work Americans, the push for alternative energy is lining the pockets of foreign companies. A new study shows that of the $1.05 billion of stimulus funds spent on clean energy grants since Sept. 1, an astronomical 84 percent—or $849 million—has gone to foreign wind companies, with one firm collecting more than $500 million alone.
Russ Choma writes that the Investigative Reporting Workshop at American University found the Spanish utility company Iberdrola S.A. has collected $545 million in grants through its U.S. subsidiary. And the money doesn’t even have to go to create jobs. The group reports there are few restrictions on how the grants can be used. In fact, more than $800 million has been given to firms for wind farms that were already producing electricity before they received the grants.
This revelation comes as the public is becoming aware of and outraged by China seeking $450 million in economic recovery funds to build a planned $1.5 billion wind farm in Texas. The farm will create 30 permanent jobs in the United States and 2,000 jobs in China.
