Remember when President Obama promised us that his $787 stimulus package would “save or create” millions of American jobs?
With unemployment now over 10 percent and still climbing, the president obviously didn’t create enough jobs to replace the millions that have been lost on his watch. But Obama can’t even save “green” jobs he promised would replace them.
For example, General Electric just announced that it is closing down its only crystalline silicon solar-panel manufacturing plant in Newark, Delaware. The plant was supposed to generate annual revenue of $75 million, but thanks to overcapacity and competition from Chinese manufacturers, the price GE was getting for its solar panels was less than it cost to manufacture them.
All 82 plant employees will be laid off. It’s not easy being green.
Here’s the full story: http://money.cnn.com/news/newsfeeds/articles/djf500/200911060915DOWJONESDJONLINE000459_FORTUNE5.htm