The Circle of (Government) Life, ctd.
In September, I mentioned that the US Department of Labor was considering an application for federal Trade Adjustment Assistance for the former employees of scandal-ridden-and-now-bankrupt Solyndra. At that time, I noted the absurdity of this particular application for federal taxpayer assistance:
So to recap: massive government subsidies created 1,100 "green jobs" that never would've existed but for those massive government subsidies. And when those fake jobs disappeared because the subsidized employer-company inevitably couldn't compete in the market, the dislocated workers blamed China (instead of what's easily one of the worst business plans ever drafted) in order to receive... wait for it... more government subsidies.
Behold, the Circle of Government Life!
Well, Investors Business Daily reported yesterday that the Circle is now officially complete:
The Labor Department today announced that it had approved Trade Adjustment Assistance for the former employees of the bankrupt solar panel maker Solyndra.
That means all of the firm’s 1,100 ex-employees are eligible for federal aid packages, including job retraining and income assistance. The department has valued packages at about $13,000 a head.
Taxpayers will have to cough up yet another $14.3 million as a result of Solyndra’s bankruptcy. They are already on the hook for $528 million in federal loan guarantees to the company that are unlikely to ever be paid back...
The announcement was made quietly today by the DOL’s Employment and Training Administration on its website. The decision was reached Friday.
Gee, I wonder why DOL made the announcement so "quietly"?This feed originates at the personal blog of Scott Lincicome (http://lincicome.blogspot.com).