Who can forget Solyndra? The solar power manufacturer promptly went belly up after receiving $535 million in loans from the Obama administration.
Taxpayers would be left on the hook for $528 million of that loan.
Not to be outdone, the lame-duck Biden Administration is also throwing good money after bad, BUT he is going way bigger.
Tesla rival Rivian will receive $6.6 billion in loans from the US Department of Energy.
Lame-duck Biden administration loans $6.6B to struggling Tesla rival Rivian https://t.co/07SmAl6Dd0 pic.twitter.com/sHeR4ljgGG
— New York Post (@nypost) November 27, 2024
$5 billion will be earmarked to finish construction on a plant in Georgia.
The Department of Energy announced on Tuesday that it was extending a $6.6 billion loan to Rivian for the construction of a $5 billion electric car factory in Georgia that the company initially started but then put on hold due to financial constraints.
Rivian had already begun to build the plant but had to halt construction due to a lack of funds. Rivian once had an estimated worth of $150 billion and is now worth an estimated $10 billion.
The Rivian loan, which is reportedly contingent on the company not actively opposing union organizing efforts at the facility, would enable the company to complete construction of the Atlanta-area plant, which has the support of Georgia’s Republican Gov. Brian Kemp.
The facility is expected to employ 7,500 people who would begin manufacturing electric SUVs and trucks beginning in 2028.
Govoner Kemp may approve of it, but the loan has already caught the attention of DOGE co-chair Vivek Ramaswamy.
Vivek Ramaswamy, the former Republican presidential candidate who has been named by Trump as co-head alongside Musk of an advisory counsel dubbed the “Department of Government Efficiency,” slammed the Biden administration for the move on Tuesday.
“Biden is forking over $6.6 billion to EV-maker Rivian to build a Georgia plant they’ve already halted,” Ramaswamy wrote on X.
“One ‘justification’ is the 7,500 jobs it creates, but that implies a cost of $880k/job which is insane,” according to Ramaswamy, who added that the move “smells more like a political shot across the bow at @elonmusk & @Tesla.”
We're sure the loan being made to an Elon Musk Rival is purely a coincidence.
Yes, we rolled our eyes while we typed that.
That's not the only thing that stinks about this obnoxiously large loan.
Rivian, backed by left-leaning billionaire financier George Soros until last year, was worth as much as $150 billion just three years ago but is now worth slightly more than $10 billion.
“This loan will help create thousands of new American jobs and further strengthen US leadership in EV manufacturing and technology,” RJ Scaringe, Rivian founder and CEO, wrote in a press release Monday.
“A robust ecosystem of US companies developing and manufacturing EVs is critical for the US to maintain its long-term leadership in transportation.”
Biden has been pandering to the party's environmentalist wing since the day he took office. The entire Democratic Party kneels at the altar of Soros. This loan seems to kill two birds with one stone.
If it takes a shot at Elon in the process, BONUS!
Just an endless looting of the treasury. In the end, it’s all about blood-sucking the money from your wallet and handing it to all their friends. https://t.co/1oCxjhQ6bu
— Jesse Kelly (@JesseKellyDC) November 27, 2024
Democrats sure do love wasting other people's money. Our money to be specific.
Loans? You mean squanders our taxes to support a failing company.
— Stephen with a PH. (@tibblion2) November 27, 2024
$6.6 billion to build a $5 billion plant.
Wonder where that other $1.6 billion is going?
And they will default after laundering funds to the DNC?
— KayDreamer (@kaydreamer11) November 27, 2024
We're not saying that's the plan but we're not, not saying that's the plan.
Could there be 10% for the 'big Guy' in there too?
January 20th just seems SO far away. They're doing everything possible to damage things on their way out.
— TheGrayGeezer 🇺🇸 (@RobertB21420269) November 27, 2024
Inauguration Day can't get here fast enough.
Until then, this administration will continue to spend money like drunken Democrats.
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