You know all that money the government is spending to save the economy and the planet?
A lot of it is headed into the coffers of foreign corporations.
Because they’re the ones that know how to build most of the cool stuff your stimulus dollars are buying.
Of course, there’s nothing wrong with that. World trade is good, and in a globalized world, the concept of “buying American” is increasingly ludicrous.
Bottom line: We’re getting a big boost of new jobs here in the US. But much of those stimulus profits are headed offshore.
The most popular government program of the Great Recession, Cash For Clunkers, boosted the sales of Japanese automakers more than U.S. automakers. Of the cars sold in the program, 41% were from Japanese automakers versus 39% for American automakers.
While it's hard to figure out what's an American car nowadays--Cars.com says the Camry is the most American car--it's apparent that this program, based on getting green cars on the road, helped Japan.
From that same stimulus pot, $47.7 million will go to Horizon Wind Energy, the U.S. unit of the Portugese company EDP Renovaveis. It will be used to build a wind farm in Oregon.
$2.4 billion of the stimulus was allocated to electric cars and battery technology--and it's one of the biggest ways we're shipping taxpayer cash to foreign companies.
$99.8 million went to Arizona-based ETEC, which is going build charging stations around the country. These charging stations are being put into place to aid Nissan, who is introducing its all electric car LEAF in these markets next year. So these charging stations are being built mostly to help Nissan sell more cars.
More battery money. This time for Korean battery maker LG Chem, which gets $151.4 million. It goes to Compact Power, a subsidiary of LG Chem, which is producing batteries for the Volt.
French company Saft is getting battery dough, too.
The company got $95.5 million, and it will set up operations here in the U.S.
Nissan isn't just cashing in on discounted charging stations. It's also getting money to build more cars here in the United States.
The DOE loaned the company $1.6 billion to set up shop in Smyrna, Tennessee. That's awesome for Tennessee, but let's not forget who is the ultimate winner.
The Wall Street Journal ran down the prospects for high speed rail. There are a few domestic companies in the running, but most aren't. Think Siemens AG, from Germany.
The fastest Amtrak trains we have running in the U.S. right now were built by France's Alstom, and Canada's Bombardier.
The DOE gave $308 million to Hydrogen Energy International LLC, a JV owned by BP Alternative Energy and Rio Tinto for a carbon capture project.
If their technology works, it's going to pay off big for these two companies who will take their technology around the world.
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