by Jon Sanders
Research Editor and Senior Fellow, Regulatory Studies, John Locke Foundation
Do you remember when the media were apoplexed by reports that the Defense Department during the days of Reagan were spending hundreds, hundreds of dollars on porcelain throne lids? USA Today does, or did when former Defense Sec. Caspar Weinberger died.
For those who don’t, yes, there have been times when media were offended by government overspending. Believe it or not!
Without much fanfare, the Department of Energy (DOE) recently updated the list of loan guarantee projects on its website. Unlike in 2008, when Barack Obama pledged to create 5 million jobs over 10 years by directing taxpayer funds toward renewable energy projects, there were no press conferences or stump speeches. But the data are nonetheless revealing: for the over $26 billion spent since 2009, DOE Section 1703 and 1705 loan guarantees have created only 2,298 permanent jobs for a cost of over $11.45 million per job.