Another Obama Picked Loser

Discussion in 'Politics' started by Vel, Oct 8, 2012.

  1. Vel
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    Vel Gold Member

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    Yet another Obama business decision. :eusa_whistle:
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    Plant that got $150M in taxpayer money to make Volt batteries furloughs workers
    By Perry Chiaramonte
    Published October 08, 2012
    FoxNews.com

    President Obama touted it in 2010 as evidence "manufacturing jobs are coming back to the United States,” but two years later, a Michigan hybrid battery plant built with $150 million in taxpayer funds is putting workers on furlough before a single battery has been produced.

    Workers at the Compact Power manufacturing facilities in Holland, Mich., run by LG Chem, have been placed on rotating furloughs, working only three weeks per month based on lack of demand for lithium-ion cells.

    The facility, which was opened in July 2010 with a groundbreaking attended by Obama, has yet to produce a single battery for the Chevrolet Volt, the troubled electric car from General Motors. The plant's batteries also were intended to be used in Ford's electric Focus.

    “Considering the lack of demand for electric vehicles, despite billions of dollars from the Obama administration that were supposed to stimulate it, it’s not surprising what has happened with LG Chem. Just because a ton of money is poured into a product does not mean that people will buy it,” Paul Chesser, an associate fellow with the National Legal and Policy Center, told FoxNews.com.

    The factory was partly funded by a $150 million grant from the U.S. Department of Energy. LG also received sizeable tax breaks from the local government, saving nearly $50 million in property taxes over 15 years and another $2.5 million annually in business taxes. Landing the factory was hailed as a coup when shovels first hit the ground.
    “You are leading the way in showing how manufacturing jobs are coming right back here to the United States of America,” Obama told workers at the ground-breaking ceremony. “Our goal has never been to create a government program, but rather to unleash private-sector growth. And we're seeing results.”


    Read more: Plant that got $150M in taxpayer money to make Volt batteries furloughs workers | Fox News
     
  2. SniperFire
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    SniperFire Senior Member

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  3. RoadVirus
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    RoadVirus <insert pithy title here>

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    Obama sure knows how to pick em!
     
  4. Clementine
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    Clementine Platinum Member Supporting Member

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    Hopefully, the country will be better at picking 'em this November!
     
    • Thank You! Thank You! x 1
    Last edited: Oct 9, 2012

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