It’s another day, and another round of layoffs by a recipient of millions of dollars under the Obama Administration’s renewable energy initiatives, administered by the mismanagedDepartment of Energy.
This time the Recovery Act largesse – taken out of the hide of taxpayers – went to A123 Systems, Inc. The Massachusetts-based energy storage company was given $249.1 million to help launch two battery-manufacturing plants in Michigan. A123 also received grants and tax credits from the state that could total more than $135 million. In a separate federal grant as a subcontractor for another grantee, A123 received nearly $30 million for a wind energy storage project.
Congressional advocates of the Waxman-Markey cap-and-trade bill employed bribery to build support for this legislation when they co-opted several corporations by giving them free carbon dioxide emission credits. However, many businesses are still balking at lending support to a bill that will impose a crushing energy tax on the American people and cost the economy trillions of dollars. Since bribery didn't work with these recalcitrant companies, Waxman-Markey supporters are trying intimidation.
Communist Godfather Vladimir Lenin is alleged to have famously said, "The capitalists will sell us the rope with which we will hang them."
No where is that observation more relevant than in the sorry spectacle taking place in Congress as corporations, in exchange for short-term government handouts, fall over themselves to endorse a carbon dioxide regulation bill that will impose a crushing energy tax on the American people.