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We should be mad at this

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7:28 pm
November 21, 2011


James

Member

posts 36

 
 

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Ex-Solyndra Staff To Get $13,000 Each In TAA Federal Aid
By Sean Higgins   
Mon., Nov. 21, 2011 5:45 PM ET
Tags: Solyndra - Jobs - Environment - Trade

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 department’s decision also bodes well for a trade complaint made against China by a coalition of domestic solar panel makers. The request for the TAA was based on the claim that Solyndra failed because China was underselling U.S. manufacturers. By granting the assistance, the Labor Department has indicated it believes those charges have at least some merit.

The announcement was made quietly today by the DOL’s Employment and Training Administration on its website. The decision was reached Friday.

There was some confusion regarding the decision, which was posted on the DOL website accidentally this morning before the official announcement. A department spokesman told Capital Hill that a programming error was the cause. DOL briefly pulled the information, but has reposted it.

The TAA request was first made on Sept. 2, just days after Solyndra went bankrupt. The Alameda County Workforce Investment Board, a public-private group that aids in job retraining programs, made the request on behalf of the employees.

“We are very pleased,” said Patti Castro, interim director of the board. “These workers are highly skilled but they need the retraining available through this.”

Most TAA requests take 60 days to process according to DOL, but this one took about 80.

The department said the delay was caused by a Senate fight over reauthorizing the program.

“During that period all pending TAA announcements were put on hold,” said DOL spokesman Joshua Lamont.

That fight was triggered in part by Republican lawmakers’ outrage that Solyndra employees were up for TAA help.

As it happens, the decision to grant the aid was made the day after Energy Secretary Steven Chu had a long-expected and highly contentious hearing before a House panel over the Solyndra failure.

 Lamont said the administration did not delay the decision until after Chu’s testimony.

The Obama administration has apparently pushed to delay bad news regarding Solyndra before.

The TAA program offers help to domestic workers who have lost their jobs due to the trade practices of foreign countries. The assistance includes job retraining, allowances for job searching, health benefits and up to 130 weeks of income support. The average recipient gets about $13,000 in assistance.

Solyndra was given a $535 million federal loan guarantee in 2009 by the Obama administration as part of a program to boost green jobs. The company was a favorite of the administration, with President Obama himself visiting its Fremont, Calif., location and singing its praises in 2010.

A top Obama fundraiser, George Kaiser, was a major backer of the company through his namesake foundation and discussed the company with White House officials in at least one private meeting in 2010.

Behind the scenes, the company was bleeding cash and seeking a second DOE loan to stay afloat. By late 2010 it had defaulted on the original loan and DOE agreed to a restructuring to allow the company to survive.

The renegotiation included giving private investors first crack at the first $75 million recovered in the event of liquidation. The decision was in apparent violation of DOE loan rules. It all but ensures that taxpayers will recover none of the original loan

8:12 pm
November 21, 2011


bobdelfino

Member

posts 77

One of several reasons to be mad…

 

here is another: http://www.bloomberg.com/news/…..-unit.html

 

notice, this is in the trillions…whole bunch of trillions of dollars…

11:14 pm
November 21, 2011


gabrielle

Member

posts 41

And Fannie Mae just recieved another 7.3 Billion dollar bailout. Our tax dollars seem to have become the free ATM for banks and corporate companies…

9:29 am
November 22, 2011


James

Member

posts 36

If the goverment offers the money they are going to take it. Every company would and every person would. It;s the current administration that is at falt for giving away the money. Of course TARP was money given away by Bush. I belive fiscal responsibilty is lost in this country. The country is 15 Trillion in the hole.

 

 

The non-partisan Pew Charitable Trusts estimated in May 2010 that extending some or all of the tax cuts would have the following impact under these scenarios:

  • Making the tax cuts permanent for all taxpayers, regardless of income, would increase the national debt $3.3 trillion over the next 10 years.
  • Limiting the extension to individuals making less than $200,000 and married couples earning less than $250,000 would increase the debt about $2.2 trillion in the next decade.
  • Extending the tax cuts for all taxpayers for only two years would cost $561 billion over the next 10 years.

So if we cut Education,Agriculture,Defense,And Heath and Human Services 20%= 400 billion a year= 4 trillion over 10 years

And did away with Busth tax cuts+330 billion a year= 3.3 Trillion over 10 Years

Thats 7.3 Trillion over 10 years and no Deficit in 20 years

At 20% it would'nt even take it back to 2008 levels. Spending is out of control.

In 2008 the Debt was 10 Trillion, It's 15 Trillion now. Balance the budget(something we haven had in 3 years is a budget)

Pay off the debt, Then look at how much money the goverment has to help the average person.

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