Leave it to someone in this administration to say we can’t afford not to spend money.
(CNSNews.com) — Acting Commerce Secretary Rebecca Blank said that in a global race for green technology, the United States “can’t afford” not to spend taxpayer money on such projects, and that the price of that spending is an occasional failure. One of those failures was a $535-million federal loan guarantee to the Solyndra company that makes solar panels but which recently filed for bankruptcy.
“The U.S. can’t afford to not be a major winner in this race,” Blank said Thursday on a conference call with reporters. “That necessarily means that there’s going to be some capital investment by the U.S. government. But it is new technology and that means that there is sometimes risks.”
Blank said that because green technology can sometimes be untested, the risk of failure will always be there when government subsidizes green companies.