An electric truck manufacturer that was awarded $32 million from President Obama’s stimulus program has informed one of its investors that it is on the verge of bankruptcy, if it did not raise $4.5 million by Friday and $10 million by the end of October.
The U.S. territory of Puerto Rico owes more than $70 billion—about $19,729.43 per resident—in debt to creditors and investors. First to note the territory’s fiscal problems were the credit rating agencies, which downgraded the territory’s bond status to “speculative,” the first of three steps along the junk-bond path to loan default.
Obama has waged a sustained war on coal. The newly unveiled final Clean Power Plan (CPP) for new and existing power plants is a knife to the heart of the entire coal industry, from mining to transportation to power plants to the American energy consumer. It’s Obama’s coup de grace for a once-vibrant industry that served as the backbone of the American Industrial Revolution and the nation’s global economic dominance. It could still provide cheap, clean power if Obama would only let up.
In today’s edition of The Heartland Daily Podcast, Jesse Hathaway, managing editor of Budget & Tax News speaks with William Freeland. Freeland is a research analyst with the American Legislative Exchange Council. Freeland joins Hathaway to discuss Puerto Rico’s growing financial crisis.
Since 2011 NLPC has tracked the stimulus-funded fiascoes that were/are battery-maker A123 Systems and luxury electric automaker Fisker Automotive, who at one point were business partners (or stuck with each other, depending on your perspective). Both eventually went bankrupt, and cost taxpayers millions of dollars from Department of Energy awards that were never paid back. Chinese company Wanxiang Group ended up with both failed enterprises, buying their assets for cheap.
Touted as “America’s first offshore wind project,” Cape Wind became one of America’s most high-profile and most controversial wind-energy projects. Fourteen years in the making, estimated at $2.6 billion for 130 turbines, covering 25 square miles in Nantucket Sound off the coast of Massachusetts, the Cape Wind project has yet to install one turbine—let alone produce any electricity.
For more than two hundred years, practically all of the leading advocates of individual liberty and free markets have assumed that money and banking were different from other types of goods and markets. From Adam Smith to Milton Friedman, the presumption has been that competitive markets and free consumer choice are far better than government control and planning – except in the realm of money and financial intermediation. They have been wrong on this important issue.
“If you like your health plan, you can keep it,” is the Lie of the Year, according to PolitiFact. But Barack Obama has been operating under an even more momentous lie for his entire presidency.
In “Paul Krugman and Detroit, Part 1” I discussed the New York Times columnist’s failure to understand why Detroit currently resembles the United States in Atlas Shrugged. But Krugman’s error[…]