Monday, August 3, 2009

Why isn't the Green going into Green?

$39 billion of February's $787 billion stimulus bill was set aside for the Department of Treasury for purpose of creating sustainable green jobs for this new green economy. With the unemployment rate at 9.7%, including it being double digits in some states, many are wondering whether or not this money was allocated correctly. Secretary of Energy, Steven Chu, stated recently in Iowa that he will soon initiate $16 million in spending for green fuels and energy efficiency. Up to June 19th, however, only $5.8 billion of that $39 billion of "green" dollars has been allocated. So what's holding everything up? You would think that the government being the true American spender would be out there spending money like one of the wives from the reality TV Show, the Wive of Orange County.

According to the Economist magazine, before this new sea change in energy initatives, the priority of the Department of Energy, which includes a large portion of its people and money, had been dedicated to handling America's nuclear-weapon stop pile. In addition, the Department has never seen this amount of money in its budget. It takes a up to three months for the Department to approve its current loan program applications for funding various projects. Unfortunately, even though it has increased its staff, the Department of Energy is seeking volunteer experts to assist them in reviewing applications and doing due diligence on the parties requesting such funding.

In the end, it might be a good thing that the government is being forced to take a little more time to spend this money. Who wants to have the government purchasing 100,000 solar flashlights valued at $1000 each.

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