Obama Solar Firm Fails Filing For Bankruptcy And Laying Off 1,110 People

Hate To Say I Told You So, But I Told You So

Barack Obama

Solyndra, the solar company U.S. President Barack Obama, personally and publicly backed, giving the corporation $535,000,000 in taxpayer money, has filed for bankruptcy, laying off its 1,110 workers.

For a number of reasons, the failure of this company is a serious blow to the U.S. economy and the White House for underwriting it. The U.S. taxpayer is out over half a billion dollars, unemployment shall go up, jobs that could have been created with that money will not be and President Obama’s credibility has taken another hit.

The Judiciary Report warned President Obama in a string of articles to back off his solar initiative, but he did not and to disastrous results. From the beginning of Obama’s presidency, the Judiciary Report has warned that the White House, U.S. Congress, FBI, CIA and other divisions of the government, should economize and prioritize.

However, that message fell on deaf ears. Much like when I warned in 2006 via a sister site (Sound Off Column) that a financial crisis was coming and it did two years later, but the government ignored that as well, when it could have been prevented. The government has been gambling with/spending taxpayer money, like a lottery winner, splurging with newly gained funds, only to end up bankrupt in a few short years, due to poor financial planning.

Barack Obama

The Judiciary Report would like to revisit its jobs plan from early 2009 (Obama Calls For Job Summit and Nancy Pelosi Speaks About STDs), to emphasize why the U.S. economy is still in the toilet two years later.

As stated above, the U.S. government, under Barack Obama, personally gave Solyndra over half a billion dollars in U.S. taxpayer money to play with - yet as we can see based on reports, they only employed 585 people with said funds, which is economic rubbish.

This solar initiative was not a priority. The Judiciary Report warned again regarding it as recently as April. There is no excuse. That money should have gone to more practical job creation, where much more people would have been employed for those same taxpayer funds, thus noticeably decreasing unemployment as stated in the article Obama Calls For Job Summit.

Had Obama followed the Judiciary Report's aforementioned job creation outline, over two and a half years ago, unemployment would not be ridiculously high and rising, as it is today. Coupled with appropriate taxation and budget cuts, the economy would have been doing quite well today.

President Obama at Solyndra

Do you know how many jobs I could create for over half a billion dollars, yet the government, utilizing poor oversight, which the Judiciary Report expressly warned against in 2009, allowed Solyndra to create just 585. I keep repeating that because the government does not seem to get it.

For that money why employ 585 individuals when you could employ over 35,000 people for those same funds, in stable, proven industries. These costly missteps and mistakes coming out of Washington are clearly about someone's agenda, rather than what is in the best interest of the general public.

As stated in the bullet train articles, this is not the time for experimentation. Vanity projects need to wait until America is on stable financial footing. The government is not prioritizing and it is very perturbing, as people in America are suffering, yet Washington continues to put the cart before the horse. Once again, you must prioritize.

Furthermore, the Judiciary Report has concerns about too many people jumping into the solar industry, without proper scientific investigation. Not only is it very costly per household at the current rate of the technology, will every company use the same calibration for each piece of solar apparatus, as invariably, overuse to certain degrees, by too many people worldwide could harm the sun. Frankly, the latter is not a pretty scenario. The industry needs universal regulations and standards, as this is a serious issue.

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$2.4 Trillion Increase In U.S. Debt Ceiling Passes In Congress

One Day Ahead Of Schedule, But The Benefits Are Negligible

The U.S. Congress has passed a bill raising the debt ceiling by by $2.4 trillion dollars, to avoid the nation defaulting on its many debts. The proposed spending cuts, to take place over 10 years, not to commence until 2013, are weak and insufficient to tackle the national debt. There is also the very high probability the government will spend even more money, via miscellaneous and emergency costs, that will completely derail the entire budget.

The bill is not particularly helpful to the U.S. economy, makes paltry cuts in government spending that will have no real impact on the deficit and lacks the tax increase on the rich, necessary to help financially pull America back in the black.

U.S. President Barack Obama (right) and Vice President Joe Biden (left)

The economic numbers are in for July 2011 and they do not look good. Job creation is going at a very poor pace, leaving 14,000,000 Americans unemployed. U.S. Senator Bernie Sanders insists unemployment is actually at "16 percent" not "10 percent." There was next to no growth in the U.S. manufacturing sector, which is bad, as the nation needs exports as one of several key revenue sources.

As mentioned above, another key revenue stream that is missing from the bill, is tax increases on the nation's wealthiest citizens. It's only fair, if the rich are going to live in America, they should help clean up the financial mess Wall Street's greed spree made on their behalf and that of their bulging bank accounts.

Sensible cuts to the government's budget would have made a great impact, such as closing a number of U.S. bases abroad, selling the land/buildings and equipment to the host countries, saving the nation billions in upkeep costs per year. The defense budget is too big, yet as we have seen repeatedly, terrorists can get into America if they want to and engage in evil acts that need to desist.

President Obama and members of his administration

Therefore, you may as well close many of the bases and bring the U.S. citizens back to America. It is cheaper than keeping them open, which is causing further offense in a number of places in the world. It also seems the cuts in the current bill target the poor and middle class, which is a bad idea. How did Congress get it so wrong again.

For the aforementioned reasonable reasons, the Judiciary Report is not in favor of the bill that was just passed in the U.S. Congress. Any sensible person with moderate views and a grip on reality will realize, it is not going to work and after all that wrangling and arguing it sad that this is all they came up with.

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Billionaire Tells Obama To Resign Over The Economy

Barack Obama

As his poll numbers worsen, U.S. President, Barack Obama, received a dressing down two days ago from billionaire, Jim Rogers, who called for his resignation, over the poor state of the economy. Rogers stated many sound principles the Judiciary Report has as well over the past few years, but the President has not been listening, sticking to an unsafe financial course that spells sailing into disaster.

For example, last week, Rogers warned of something the Judiciary Report wrote of on December 8, 2010 - the possibility of revolt, via violence and rioting erupting in America, if the nation's financial condition continues to deteriorate (Ben Bernake Didn't See The Financial Crisis Coming).

The site wrote this before all the uprisings and riots occurred around the world this year. While the Judiciary Report is not advocating violence, if the situation reaches boiling point in America, problems of a new violent breed will ensue. Rogers stated two days ago, "The administrations failure to cut spending, and halt skyrocketing inflation, will lead to violence and rioting in America, similar to what has been taking place in Greece, and other parts of Europe."

Another point Rogers mentioned on June 26, 2011, is cutting the national budget. The Judiciary Report has written about cutting the budget for years, but Washington apparently thinks it is novel and quaint, when it isn't obscure. It's not a revolutionary concept. Nations and companies have been doing so for decades when things go financial sour.

However, Obama reiterated his position last week and is refusing to cut the swollen budget, ram packed with luxuries and non-necessities. President Obama continues to spend like a gay man at a glitter store and it just is not going to work.

On June 24. 2011, the Judiciary Report stated, "You cannot spend your way out of debt and into prosperity" (A Majority Of Americans Feel They Were Better Off Before President Obama).

A day later on June 25, 2011, President Obama stated, "We can't simply cut our way to prosperity." Paraphrased, that's the exact opposite course of action to what I wrote a day earlier (oh no he didn't!).

Hypothetically speaking, if you have $1 trillion dollars coming in as accounts receivable and you spend $1.1 trillion dollars under the tag of accounts payable, mathematics tells you, that shall leave you in debt and in the red. If you cut the budget (accounts payable), you will have a surplus. Repeat process until the money sufficiently builds up in the black, pardon the pun (hey, I'm black too, so I can write that pun).

There are American companies generating revenues and paying taxes on those profits, but said money is being squandered by the government in Washington, eroding any attempts at rebooting prosperity. This is why many articles this week have proclaimed the U.S. economy is "stalling."

As stated before, the defense budget needs massive cutting. It's not really a "defense" budget, more like a "let's start some doo doo stuff" budget. The Pentagon, DOD, CIA and FBI, use a significant amount of taxpayer money, to engage in adversarial conflicts in the world that are not necessary and completely fruitless.

Their employees have huge salaries, first class accommodations and all the perks. Many of them live like Fortune 500 CEOs - and ironically for a government job that's not bringing in any revenues. The total expenditures for these misguided adventures, costs the U.S. taxpayer billions of dollars per year that could be better used elsewhere.

Many of President Obama's green and solar initiatives, which can wait, are sucking up billions of dollars in taxpayer money and at a very inopportune time. His high-speed rail initiatives can also wait, but he has signed away billions for those projects as well. Let's not forget Obamacare, which has usurped so much taxpayer money, it would give any accountant worth their salt, a very bad case of diarrhea.

A number of people have been offering the President sound advice, but he has tuned it all out, in favor of his agenda that America currently cannot afford. However, the President must remember, at the end of the day, he will be held accountable for his actions in the history books.

STORY SOURCE

Billionaire Jim Rogers calls for Obama's resignation over economy