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WINNER = Ronald Reagan!
Obama Stimulus Fails
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Fifth Solar Company Fail = $240K per worker
2/4/12
How many jobs can you create for every $240,000 in stimulus dollars? For Obama, answer is ONE.
When you have a liberal biased media to contend with, it always takes time to get to the truth. And it applies to this two week old story.
Willard & Kelsey Solar Group, LLC received $10 Million in federal stimulus money back in June 2009. (Fox Toledo). The total amount of federal stimulus dollars given to Ohio was $150 million so this represents almost 7% of the total Ohio received. It was boasted as a huge job creator, remember that?
Governor Ted Strickland of Ohio said the projects were "cutting-edge" and that they "are on a fast track toward commercialization."
Based on the FOX Toledo article, the solar company
- should attract additional investment and create new jobs
- expand from one line to as many as 16 lines
- average annual wage and benefit package for company employees will be approximately $61,000
- employ more than 3,500 workers
So how did it work out?
Status as of January 17, 2012 according to the Toledo Blade.
- 40 people laid off
- 80 employees when fully functional.
- production and staffing delays
- toured by high-profile officials such as Vice President Joe Biden, U.S. Secretary of Labor Hilda Solis, and former Ohio Gov. Ted Strickland.
Stimulus Money Received
- $5 Million R&D loan from Ohio Department of Development
- $10 Million loan from Ohio Air Quality Development Authority
- $3.3 Million Job Creation Tax Credit
- $701,000 grant to train 50 current + 250 new workers
Company failures:
- 80 employed when expected as much as 3500 workers
- 3.3 Million Job creation tax credit divided by 80 workers = $41,250 per worker
- Total stimulus + loans = 19 Million divided by 80 workers = $240,000 per worker
If this company did create the 3500 jobs it was optimistic of doing, that would have ended up costing the taxpayers $5400 per worker. Of course they had to give us such an optimistic number to sell us on this scheme.
I doubt this company will be afloat much longer, this will have been another example of wasted taxpayer dollars.
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