Tags: Green | jobs | energy | government

Taxpayer Tab for Each Green Job Created Is $11.45 Million

Wednesday, 15 May 2013 08:15 AM

By John Morgan

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The Obama administration has spent about $26.32 billion on alternative energy initiatives, but the number of jobs created as a result has been a mere drop in the bucket at a huge cost to taxpayers, according to the Institute for Energy Research.

Specifically, the White House effort has yielded only 2,298 permanent green jobs — at a cost to taxpayers of $11.45 million each. Data from other sources showed similar results.

President Obama promised in his 2008 acceptance speech to create 5 million new jobs in 10 years by spending heavily on renewable energy development programs.

Editor's Note:
 
Economist Warns: ‘Money From Heaven a Path to Hell.’ See Evidence.

"As has been documented several times over, Obama is more than a few windmill blade lengths short of his goal," Investor's Business Daily (IBD) said.

"This is not the first audit of Obama's green jobs promise that has found it be a sham. Other analyses have [also] pegged the per-job cost to be grossly excessive."

The Daily Caller reported last year that estimates from the U.S. Department of Energy's National Renewable Energy Laboratory showed federal government green job efforts had created only 910 permanent jobs at a cost of $9.8 million each, IBD said.

And Veronique de Rugy, a senior research fellow at George Mason University's Mercatus Center, said in Congressional testimony last year that 2,378 permanent jobs were established under the Energy Department's guaranteed loan program, at a cost of $6.7 million each.

Whether the government's alternative energy programs have failed because of incompetence or corruption, IBD said they are the "result of a blind dedication to an irrational ideology."

Alternative energy may not add up to favorable financial results for U.S. taxpayers, but investment in the industry is treating banks and pension funds well, according to Institutional Investor.

The magazine reported professional investors quickly bought up a recent $1 billion green-bond offering from the World Bank.

The World Bank launched green bonds in 2008 with help from Skandinaviska Enskilda Banken (SEB), a Swedish bank. They are intended to finance climate-related projects, such as solar and wind power and carbon storage.

SEB said the market for green bonds has nearly doubled in the past 18 months, from $5 billion to about $9.5 billion, according to Institutional Investor.

Editor's Note: Economist Warns: ‘Money From Heaven a Path to Hell.’ See Evidence.

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