Obama Sends Jobs To China, With Love

Democrat Stimulus Borrowed Money from China While Creating “Green” Jobs … in China

• President Obama spoke yesterday at a North Carolina company to tout his administration’s focus on the creation of “green” jobs. Unfortunately, the company in question has been busy using taxpayer dollars while working to create jobs in China.
• This embarrassing incident comes as increasing evidence points to the failure of Obama’s green jobs agenda.
• Obama and Democrats continue to push for yet more spending and borrowing as a major Chinese rating agency recently declared that the U.S. is already defaulting on its debt and needs to get its fiscal situation in order, not spend more money.

BACKGROUND:

President Obama continued his love affair with “green” jobs projects that fail to create American jobs with his appearance and speech Monday at a North Carolina company that has used stimulus money while working to create jobs in China:

OBAMA’S LATEST GREEN JOBS PUSH SHOWCASES COMPANY WITH MORE THAN 50 PERCENT OF ITS EMPLOYEES IN CHINA:“President Barack Obama will visit the North Carolina-based Cree LED Light Company Monday to tour the plant and meet with his Council on Jobs and Competitiveness to discuss job creation and policies to spur economic growth.

“But Cree, a major recipient of Recovery Act funds, may be sending that money straight to China. At the very least, its CEO, Chuck Swoboda, has a very China-centered strategy that involves building a new plant overseas…

“Then in late 2010, the company opened its first plant in Huizhou City,China. That made Cree the first global LED company to locate a manufacturing plant in China.

“But that plant is only beginning of an expansion in China, says Swoboda.At the opening of the plant, Swoboda boasted that more than 50 percent of Cree’s employees live and work in China.” (Amanda Carey, “Obama Discusses Jobs at Company Shifting Focus to China,” The Daily Caller, 6/13/2011)

OBAMA BOASTS THAT GREEN SPENDING IS A “WIN-WIN-WIN-WIN”: “We should be able to agree on investing in the research and technology that leads to new ideas and new industries. … It is a win-win-win-win proposition.” (“Remarks by the President at Cree, Inc., in Durham, North Carolina,” The White House, 6/13/2011)

Even as Obama called for even more spending on his failed policies, he joked that the much-touted “shovel-ready projects” in his stimulus package were “not as … uh .. shovel-ready as we expected” the last time around. Combined with increasing evidence of the failure of his stimulus spending to create “green jobs,” it’s unclear why Obama continues to advocate more of the same:

STIMULUS FAILURE IS… FUNNY?: “Obama smiled and interjected,‘Shovel-ready was not as … uh .. shovel-ready as we expected.’ The Council, led by GE’s Jeffrey Immelt, erupted in laughter.” (“Obama Jokes at Jobs Council: “Shovel-Ready Was Not as Shovel-Ready as We Expected,” Fox News, 6/13/2011)

“WHITE HOUSE CAN’T POINT TO MUCH SOLID EVIDENCE” OF CREATING GREEN JOBS: “Nearly three years into Obama’s presidency, the White House can’t point to much solid evidence that significant numbers of Americans are scoring the green jobs the president has been touting.”(Darren Samuelson, “Green Jobs Success Eludes Obama,” Politico, 6/12/2011)

AND DON’T COUNT ON ANY, NOW THAT DEMOCRATS HAVE RUN OUT THEIR STIMULUS BOONDOGGLE: “Democrats say one of the key problems with the green jobs campaign is that the money and incentives have petered out in the two-plus years since Obama signed the stimulus package. And they’re not all that optimistic about new funding opportunities given the nation’s record debt levels.” (Darren Samuelson, “Green Jobs Success Eludes Obama,” Politico, 6/12/2011)

Obama may find the catastrophic failure of his economic policies grounds amusing, but to millions of Americans, the fact that Obama and Democrats are calling for more spending, more borrowing from China, and more of the same job-destroying policies is no laughing matter.

A Chinese rating agency last week declared that America is “already defaulting on its debt” by “allowing the dollar to weaken against other currencies” and “eroding the wealth of creditors including China.” The Chinese government said that America needs to “improve its fiscal situation” and has raised worries that the stimulus boondoggle would lead to “mushrooming debt that erodes the value of the dollar and its Treasury holdings”:

DEMOCRATS’ SPENDING AND BORROWING IS SO BAD, CHINA IS TELLING THEM TO GET THEIR ACT TOGETHER. “A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

“‘In our opinion, the United States has already been defaulting,’ Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying. …

“China is by far the top holder of US debt and has in the past raised worries that the massive US stimulus effort launched to revive the economy would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings. …

“Foreign ministry spokesman Hong Lei on Thursday urged the United States to adopt ‘effective measures to improve its fiscal situation.'” (“China Ratings House Says US Defaulting: Report,” AFP, 6/10/2011)