16th October 2012
Wind turbrine Vestas announced 800 layoffs yesterday and A123, an battery manufacturer for electric cars, filed for bankruptcy today. Both have received hundreds of millions of dollars in corporate welfare in the form of tax credits, loan guarantees, and grants. They are not unique, they are merely the latest examples of what happens when the federal government tries to choose winners and losers in the marketplace.
My, what a surprise! Aren’t you surprised? I’m sure surprised.