Romney’s Clean Energy Whoppers

[Stalin]

Mitt Romney made numerous bogus claims in the Oct. 3 debate about the $90 billion in grants, guaranteed loans and tax breaks for energy projects in the stimulus bill:

• Romney falsely claimed “about half” of the clean-energy companies that received U.S.-backed loans “have gone out of business.” But 26 companies received loan guarantees under a loan program cited by Romney, and three of those have filed for bankruptcy. The three firms were approved for about 6 percent of the loan guarantees.
• Romney incorrectly claimed the “$90 billion in breaks to the green energy world” was provided “in one year.” It was two.
• He stated at one point that Obama put $90 billion “into solar and wind.” But only $21 billion went for renewable energy projects, “such as the installation of wind turbines and solar panels,” according to a White House document cited by the Romney campaign. The spending also included $18 billion for transit projects and $10 billion to upgrade the nation’s electrical grid.
• He falsely claimed the $90 billion was equal to “about 50 years’ worth of what oil and gas receives” in tax breaks, which he estimated at $2.8 billion. By his own figures, it would have been 32 years’ worth. But it’s even less than that. The administration estimates that eliminating oil and gas tax preferences would raise about $3.9 billion a year (23 years’ worth). The industry itself says the administration would increase its taxes by $8.5 billion a year (10.5 years’ worth).
• He falsely claimed Obama “put $90 billion into green jobs … that would have hired 2 million teachers.” But that $90 billion included loan guarantees, not just grant money, and the government can’t hire teachers with loan guarantees.

more romneylies at http://factcheck.org/2012/10/romneys-clean-energy-whoppers/

Comrade Stalin

 

[Cruella]

This is off the White House website regarding the stimulus bill

The Recovery Act funded a broad variety of programs. We have classified the public investment spending into 10 functional categories:

1. 1. Clean Energy. A central piece of the ARRA is more than $90 billion in government investment and tax incentives to lay the foundation for the clean energy economy of the future. The CEA’s second quarterly report grouped these clean energy investments into eight sub-categories: $29 billion for Energy Efficiency, including $5 billion to pay for energy efficiency retrofits in low-income homes; $21 billion for Renewable Generation, such as the installation of wind turbines and solar panels; $10 billion for Grid Modernization to develop the so-called “smart grid” that will involve sophisticated electric meters, high-tech electricity distribution and transmission grid censors, and energy storage; $6 billion to support domestic manufacturing of advanced batteries and other components of Advanced Vehicles and Fuels Technologies; $18 billion for Traditional Transit and High-Speed Rail; $3 billion to fund crucial research, development, and demonstration of Carbon Capture and Sequestration technologies; $3 billion for Green Innovation and Job Training to invest in the science, technology, and workforce needed for a clean energy economy; and about $2 billion in Clean Energy Equipment Manufacturing tax credits that will partner with private investment to increase our capacity to manufacture wind turbines, solar panels, electric vehicles, and other clean energy components domestically.13
2. http://www.whitehouse.gov/administr...impact-arra-4th-quarterly-report/section-4#13