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Obama Stimulus Could Boost Chinese Economy

Could it be that I have been wrong about the Obama stimulus? I wrote earlier about the $821 billion of wasted money that President Obama just knew would stimulate our economy and bring us out of the deep recession we were in at the time. I went into some detail about why I felt that money was money thrown down a rat hole, but it seems I may have been wrong in that assessment. According to some reports, the economy may have been helped. It just isn’t the American economy. Enter the Chinese companies looking to take over American companies who are having serious financial difficulties, even though they received millions of dollars of stimulus money from the Obama administration. Did I mention that these companies are what the Obama administration considers to be green energy companies? Does this all start to sound familiar?

(Fox News) Republican senators complained Wednesday that U.S. taxpayer dollars could end up boosting the Chinese economy, following reports that a Chinese firm is leading the pack of companies bidding for a majority stake in government-backed Fisker Automotive.

The troubled California-based electric car maker, which was backed by U.S. taxpayers to the tune of nearly $530 million, for months has been looking for a financial partner. Reuters reported earlier this week that China’s Zhejiang Geely Holding Group is favored to take over, though Fisker is also reportedly weighing a bid from another Chinese auto maker.

The development comes after Fisker’s main battery supplier — U.S. government-backed A123 Systems — was recently purchased by a separate Chinese firm.

Sens. John Thune, R-S.D., and Chuck Grassley, R-Iowa, voiced concern Wednesday that Chinese companies are benefiting from U.S. taxpayers’ investment.

“Obama’s green energy investments appear to be nothing more than venture capital for eventual Chinese acquisitions,” Thune said in a statement. “After stimulus-funded A123 was just acquired by a Chinese-based company, it’s troubling to see that yet another struggling taxpayer-backed company might be purchased under duress by a Chinese company.”

Grassley added: “Like A123, this looks like another example of taxpayer dollars going to a failed experiment. Technology developed with American taxpayer subsidies should not be sold off to China.”

I have been questioned before why I believe President Obama has been, and continues to be, an incompetent President. Examples such as this should clarify why I feel as I do and I am not alone in Stimulusthat opinion. I have lost count of how many green energy companies the Obama administration has helped with the stimulus, funded by American taxpayer dollars. I have also lost count of how many of these companies have either went bankrupt and closed their doors, or had other financial hardships. At this point, could we at least consider the idea that Barack Obama is either incompetent, or is so blinded by his desire to push green energy, that doesn’t exist in a practical way, down our throats? I would even say he is a little of both, but with the beginning of his second term coming with a hard push on environmental issues, I would lean more towards his having blinders on both eyes.

I realize we live in a global economy, but for once, could we just focus on the American economy? I’m not sure if there is a possible way to block the purchases being made by the Chinese, but I hope someone can find a way to do so. It’s bad enough that we have burned through so much money with the Obama stimulus, but it irks me even more that the Chinese could be benefiting from American taxpayer dollars. We should at least keep those dollars in America.

As Obama’s second term begins, we are seeing a greater push for the issues that drive his ideology. While he was campaigning for his first term, he claimed to be a moderate. He has tried to perpetuate that lie for the last five years. He still tries to make that claim, but his hard-left ideology is surfacing more and more. His desire is to fundamentally change America and he is well on his way to that goal.

About LD Jackson

LD Jackson has written 1959 posts in this blog.

Founder and author of the political and news commentary blog Political Realities. I have always loved to write, but never have I felt my writing was more important than in this present day. If I have changed one mind or impressed one American about the direction our country is headed, then I will consider my endeavors a success. I take the tag line on this blog very seriously. Above all else, in search of the truth.

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