Biden's $400B green energy 'scheme' is '10-times worse' than Obama's, economist cautions
Companies are likely to go bankrupt as a result of Biden's green energy agenda, Stephen Moore argues
Biden built a 'slush fund' for his green energy agenda: Stephen Moore
Economist Stephen Moore reacts to President Biden setting aside $400 billion for green energy investments.
One of the Obama administration’s most controversial decisions nearly parallels a recent billion-dollar loan made by President Biden’s administration to the green energy agenda, according to one economist.
"Do you remember Solyndra? Remember that company?" Trump-era economist Stephen Moore said on "Varney & Co.," Monday. "That was under Obama when they tried the same kind of scheme to subsidize all of these solar and wind panel companies, and many of them went bankrupt. And we're likely to see that again."
Moore referenced the failed solar panel maker – which went bankrupt despite $341 million in tax breaks – and compared the renewable energy debacle to Biden’s $400 billion designation to the U.S. Department of Energy’s loan program.
"The only difference is Biden is spending 10-times more money than even Obama did. Obama spent about $50 billion, Biden is talking about $400 billion," Moore explained. "When I talk to Republicans on Capitol Hill, I say the first thing you should cut out of this $2 trillion deficit is that $400 billion, what I call a slush fund. Because all that money is going to liberal groups that [have] advocated for this stuff."
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While the $400 billion is reportedly allocated from the Inflation Reduction Act, FOX Business’ Edward Lawrence also said on Monday that some funds have already gone to companies like General Motors and Ford for electric vehicle (EV) production.
Economist Stephen Moore compared Biden's recent $400 billion green energy allocation to the Obama-era Solyndra "scheme" on "Varney & Co." Monday. (Fox News)
But in recent months, those automakers have pushed back against building more EVs due to low demand. Rep. Jeff Van Drew, R-N.J., added on "Mornings with Maria," Monday, that Democrats need to stop forcing the transition.
"We don't want the electric cars. And if you do, you can buy them. But by in large, most people don't want them," the lawmaker said. "They're more expensive. We don't have the capacity to charge them all. We're going to have brownouts."
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Further criticizing the renewable energy agenda, Moore called out the ongoing climate change conference in the Middle East, noting the "biggest polluter in the world," China, won’t be in attendance.
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"They're going to all fly in on their private jets. They're all going to have champagne and lobster and caviar. But do you think it's going to do anything about changing the climate?" the economist posited.
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"Last year, the amount of oil and gas and coal that was used globally was the most ever. This year is going to break that record. Meanwhile, the amount of carbon emissions continue to increase," Moore continued.
"Somebody has got to show me, with all the tens and hundreds of billions, and now trillions, of dollars being spent on this climate change industrial complex, what have they accomplished?"