Another One Bites The Dust

Last  Tuesday, during the State Of The Union speech, President Obama again called for more investment in "green energy".   On Thursday, we found out that another green company that Obama invested tax payer dollars in filed for bankruptcy.

Ener1--a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.

In last year’s State of the Union Address, delivered Jan. 25, 2011, President Obama set a national goal of having a million electric vehicles on the road in the United States by 2015—a goal that would be achieved, Obama said, by taking money out of the oil industry and “investing” it in new technology.

First Solyndra, then Beacon Power and now Ener1.  Almost $600 million dollars of taxpayer money flushed down the toilet of ideologically driven investment.  While it is fine for an individual to invest their own money based on their own ideology, it is not fine, in an economy like this, for the government waste taxpayer dollars in such a frivolous manner.

Yet one more reason why Obama must go.