China Buys Our Debt, We Give Them Renewable Energy Stimulus Jobs...Seems About Right

Step 1: Run up a ridiculously high national debt.

Step 2: Have foreign countries buy the debt.

Step 3: Throw hundreds of billions of dollars at the economy (that we borrowed from the foreign countries), to create "jobs" (e.g. "green job" funding in the "Stimulus").

Step 4: Make sure the billions spent in this country, actually create jobs in the foreign country who owns our debt

There, that wasn't so hard. Your first lesson in political international paybacks and the failure of the so-called Stimulus.

The Investigative Reporting Workshop reveals:

Money from the 2009 stimulus bill to help support the renewable energy industry continues to flow overseas, despite Congressional criticism and calls for change, according to a new analysis of the program by the Investigative Reporting Workshop.

The Workshop was the first to report last October that more than 80 percent of the first $1 billion in grants to wind energy companies went to foreign firms. Since then, the administration has stopped making announcements of new grants to wind, solar and geothermal companies, but has handed out another $1 billion, bringing the total given out to $2.1 billion and the total that went to companies based overseas to more than 79 percent.

In fact, the largest grant made under the program so far, a $178 million payment on Dec. 29, went to Babcock & Brown, a bankrupt Australian company that built a Texas wind farm using turbines made by a Japanese company.

The same day the Workshop’s first reported on this story a consortium of American and Chinese companies announced a deal to build a $1.5 billion wind farm in Texas, using imported Chinese turbines. Company officials said they planned to collect $450 million in stimulus grants for the project. The deal would create dozens of jobs in the U.S. and thousands in China. The news provoked outrage among lawmakers, particularly after the Energy Department seemed to take a neutral stance, declining to say whether it would reject such an application.

Click here for the full report.

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