Economy Alarm: As America Asks, Where Are The Jobs? Stimulus Dollars Shipped Overseas
As America Asks, Where Are The Jobs? Stimulus Dollars Shipped Overseas
Over a Billion in Federal Grant Money Meant to ‘Stimulate’ U.S. Economy Sent to Aid Foreign Firms
Obama Promised to “Stimulate Economic Recovery and Help America Emerge a Stronger, More Prosperous Nation”
“President Obama’s central focus is on stimulating economic recovery and helping America emerge a stronger and more prosperous nation…. As we look toward the future, we must confront the many dimensions of this crisis while laying the foundation for a new era of responsibility and transparency.” (President Barack Obama, WhiteHouse.gov)
Credibility Crash: Obama Sends Nearly Half of the $2.4 Billion in Federal Grant Money as Far Away as Russia, China, South Korea and France
“Nearly half of the $2.4 billion in federal grant money awarded Wednesday to stimulate the U.S. economy and boost the production of hybrid and electric vehicles went to six companies with ties to places as far away as Russia, China, South Korea and France.
“President Obama announced the grants during a visit to Indiana and said the funds would create domestic jobs and instigate more “green” manufacturing in the United States. But because so few American companies have the necessary technology, much of the money will initially go toward manufacturing electric vehicle batteries overseas.
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“The largest single grant, for $299.2 million, went to Johnson Controls Inc. for the production of nickel-cobalt-metal battery cells and packs at plants it plans to build in Holland, Mich., and Lebanon, Ore. Johnson has partnered with Saft Advanced Power Solutions LLC, a French company, to develop the batteries. Saft, which makes its batteries in France, also won a separate $95.5 million grant. (Jerry Seper, “Obama sends stimulus aid to foreign firms,” The Washington times, 8/6/09)
To read the full article, click here: http://www.washingtontimes.com/news/2009/aug/06/stimulus-to-aid-foreign-battery-builders/
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