Oct 31 2011
“Increasingly, we are moving away from our capitalist heritage and towards a system where most Americans play by the rules while some are able to rig the game in their favor.”
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement in response to Beacon Power’s filing for bankruptcy after the company received a $43 million taxpayer-funded loan guarantee:
“The revelation that another corporation receiving a loan from the Obama administration has filed for bankruptcy is further evidence of the reckless abuse of taxpayers’ dollars in the pursuit of green jobs. President Obama and the Senate’s Democrat majority continue to press for dramatic tax hikes, yet they remain unwilling to seriously confront the widespread misallocation of federal funds. How can we ask Americans to pay more in taxes when that money will be used to continue subsidizing Washington’s bad habits? I have proposed something called the Solyndra rule, a principle upon which hopefully both parties can agree. The idea is simple: before any proposals are offered to raise taxes, we first focus all of our attention on removing the waste and excess from the federal budget. The American people deserve better from their government.
This news also heightens concerns about corporate favoritism, and the connections between big business, big unions, and big government. As with Solyndra, the head of Beacon Power appears to have been a supporter of President Obama’s. Increasingly, we are moving away from our capitalist heritage and towards a system where most Americans play by the rules while some are able to rig the game in their favor. The real divide is not split along income lines, but between the politically-connected and those—whether businesses or individuals—who just want the freedom to earn a living.”