Americans are used to seeing their hard-earned tax dollars being wasted on failing enterprises. In 2009, the Obama administration began approving billions of dollars in loans to green energy companies. The most infamous of those companies was solar energy startup Solyndra. Obama approved a $535 million loan to Solyndra in 2009; Joe Biden and Energy Secretary Steven Chu even attended a groundbreaking ceremony for the company.
Two short years later Solyndra completely shut down, defaulting on their loan and leaving American taxpayers on the hook for the $535 million the government gave them. Though the most well-publicized, Solyndra is not the only beneficiary of green energy loans to default and leave taxpayers footing the bill.
Taxpayers have already had to cover the cost of roughly $1 billion in defaulted loans, with an expected total of over $2 billion in losses. With the number of green energy companies defaulting and operating at losses, this number is likely to go up over time.
Another government experiment gone horribly wrong is the administration’s creation of health insurance co-ops that accompanied Obamacare — more than half of which have already collapsed. To read a new report that shows that only four may be left in operation, continue reading on the next page: