The talking heads on Faux (fox) news always want to throw around Solyndra and use it to say that Obama is failing as president, they fail to mention how the auto industry is alive and well thanks to Obama's policies and how spending has increased the least under Obama in comparison with preceding presidents.
Facts don't lie, people do
See: Obama Presidency Facts
So lets talk about Solyndra and take a look at the facts. Solyndra received a $535 million loan from the federal government. That's 1.02% of the annual Oil Subsidies.
let me say that again, That is 1.02% of the oil subsidies
Yes, $535 Million is a lot of money, but let's call a spade a spade. WE GIVE OIL COMPANIES $52 BILLION A YEAR!!!!
So how come we are continuing these oil Subsidies? Well people who are for them say its for
- Security of supply,
- Help the environment
- Helps the economy
- Helps employment
Oil Subsidies are just another way we are coddling the rich, Oils subsidies are in effect welfare for the rich, this is how they are taking from the poor to give to the rich.
Given how bad the deficit is, why don't we slowly draw back on these subsidies and use that money to pay down the deficit.
With or without the subsidies, the oil companies are still going to produce oil, they are still going to refine it into different things like gas, and we are still going to buy it, even if the price goes up.
Royal Dutch Shell turned a profit of $6.3 billion in the first quarter, and BP, despite lingering costs from the Gulf Coast oil spill, made $7.1 billion.
The Oil Companies are not hurting, we are.
Given that information, is it fair to criticize Obama for Solyndra? No!