Reuters writes today, “U.S. consumer prices rose in September as the cost of gasoline surged, posing a threat to consumers' spending power although inflation pressures look unlikely to derail the Federal Reserve's ultra-easy policy path. . . . Most of the increase in consumer prices was due to a sharp rise in gasoline prices, which jumped 7 percent in September after climbing 9 percent the prior month. Higher costs at the pump force many American consumers to cut back on other spending.”
And yet the Obama administration continues to block energy projects like the Keystone XL pipeline, which would bring oil from booming oil fields in North Dakota and Canada to refineries in Texas, creating tens of thousands of American jobs in the process.
Instead, President Obama has insisted on funding “green energy” projects with taxpayer money that were hastily approved and poorly considered, such as Solyndra. Today, another such company has filed for bankruptcy. According to Bloomberg News, “A123 Systems Inc, a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday. . . . ‘The company may not have sufficient cash to fund operations and may need to seek the protections provided under the U.S. Bankruptcy Code,’ A123 said.”
Bloomberg notes, “A123, which received a $249.1 million federal grant in 2009 to build a U.S. factory, needed a financial lifeline after struggling with costs from a recall of batteries supplied to Fisker, the plug-in hybrid luxury carmaker. A123 announced in August that it was working on a deal with Wanxiang Group Corp., China’s largest auto-parts maker, for financing in exchange for a majority ownership stake. . . . President Barack Obama called A123 Chief Executive Officer David Vieau and then-Michigan Governor Jennifer Granholm during a September 2010 event celebrating the opening of the plant in Livonia, Michigan, that the company received the U.S. grant to help build. ‘This is about the birth of an entire new industry in America -- an industry that’s going to be central to the next generation of cars,’ Obama said in the phone call, according to a transcript provided by the White House.”
The reality has fallen far short of the president’s promises, as Bloomberg points out, “Electric-vehicle sales since 2011 totaled fewer than 50,000 through September, just 5 percent of Obama’s target to have 1 million such vehicles on U.S. roads by 2015. . . . A123 has posted at least 14 straight quarterly losses. Its shares have fallen 85 percent this year to 24 cents at yesterday’s close in New York and traded at 16 cents at 8:29 a.m. before the start of regular trading.”
In addition, Obama continues his War On Coal which affect the economy and jobs in numerous states, like Virginia, West Virginia, Ohio, Pennsylvanian, Kentucky and more. Phil Kerpen, American Commitment, identified, "The American people rejected cap-and-trade (President Obama’s plan to make electricity prices “necessarily skyrocket” and “bankrupt coal”) in one of the biggest landslide elections in history in 2010. The day after that election, Obama said: “Cap and trade was just one way of skinning the cat; it was not the only way. It was a means, not an end. Note, the House has voted 233 to 175 to pass H.R. 3409 to stop Obama’s War on Coal. The Senate has refused to act. The War on Coal could be the defining issue of the presidential and Senate elections. Please help us spread the truth about Obama's promises to make electricity prices skyrocket to bankrupt coal."
While Kerpen and other seek to educate and mobilizing citizens in key states on this issue, the issue could be solved at the polls on November 6th. Obama must not be re-elected if our economy is to recover, if jobs are to be created, if your taxes and prices of goods and serves are to be reduced.
How can anyone consider President Obama's four year record worthy of re-election? Just consider yesterday's "Economic Snap Shot:"
Current Deficit: $75.02 trillion
Current National Debt: $16.16 trillion
Debt Per Avg Household: $141,446
Debt Per Individual: $51,366
Unemployment Rate: 7.8%
As Bankrupting America notes, Washington is Still Digging. Washington is spending and spending. We’re now more than $16 trillion in debt, larger than the nation’s economy. You don’t have to be an economist to see how this is unsustainable and how it’s not creating jobs. Take a look at their new 30 second web video below and see how far in the hole Washington has put us.
P.S.: Except for those few members of Congress who have returned to Washington, D.C. to make inquiries of the Executive Branch, and to hold pro forma sessions, Congress remains in recess until Tuesday, November 13th.
Tags: Washington, D.C., still digging, Green Industry Company, fails, A123 Systems Inc, XL pipeline, War on Coal, Economic Outlook, To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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