$250 million tax payer dollars from stimulus down the drain – electric car battery maker A123 Systems laid off 125 workers files for bankruptcy
Here is yet another green energy scam paid for with our tax dollars with to so called ‘stimulus’ bill that has been flushed down the toilet. The company is called A123 and they were an electric car battery making company in Michigan. The 125 workers have been laid off, and the company has now filed for bankruptcy. Mitt Romney should take Obama to the mat with this tonight. Oh, and if you live in Michigan, you also paid extra for this company with an extra $141 million in tax credits and subsidies.
Another day, yet another example of what happens when the government tries to “create” jobs based on its own ideological-political ambitions rather than allowing the free market to function based on efficiency and consumer choice.
This latest government-sponsored (read: taxpayer-sponsored) green-energy bust comes in the form of A123 Systems, a manufacturer of lithium-ion batteries for electric cars. The company received almost $250 million in grants (which pretty much means the feds cut the battery-maker a check, and if the company does indeed go bankrupt, that cash is gone) from President Obama’s stimulus in 2009, not to mention over $140 million from the state of Michigan in the form of tax credits and subsidies.