Georgia’s Solyndra?


Is Suntech Georgia Lord’s Solyndra? (analysis below).

Suntech, the Chinese solar panel maker with a plant in Goodyear just announced that they are laying off HALF of their 100 person Goodyear payroll.  The city of Goodyear, Georgia Lord, and the rest of the seven dwarfs on Goodyear city council gave Suntech a HALF MILLION DOLLARS of your tax money when Suntech located here.

Here is a link to the agreement which gave away your tax dollars. Suntech Agreement

Here is what I wrote about it at the time.  Corporate Welfare in Goodyear

  1. I noted that there was NO proper cost benefit analysis done, only a benefit analysis.
  2. I noted that a Creative Writing major (the GY economic development mgr) was behind this.  Illardo Picks Winners
  3. I noted that Warren Buffet does not think he can pick winners in developing technology areas so why do Georgia Lord and so many other public officials think they can?   (Trust Me, I’m a Journalism Major).

Analysis
Georgia and the dwarfs gave Suntech $500,000.  Goodyear’s annual general revenue is about $60 million, so Goodyear gave Suntech the equivalent of about 1% of Goodyear’s annual revenues.

Solyndra went bankrupt with $500 million taxpayer dollars.  The United States general revenues are about $2.3 trillion dollars. So the US lost less than one one thousandth of US general revenues to Solyndra.

Georgia and dwarfs, meet Suntech, your Solyndra.  Perhaps the first of many.

But hey, Barack got himself re-elected, Georgia probably will too!

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