Obama administration kills both exports and jobs
In his State of the Union Address in January, President Obama declared that the United States needs to increase exports to other countries. And, of course, he declares repeatedly that we must increase employment in this country. Yet last Thursday, the administration, with one stroke of the pen, announced a decision that does neither.
Bucyrus International, a South Milwaukee based company was prepared to sign an agreement with Reliance Power, Ltd., an Indian company, to supply over $600 million worth of coal mining equipment to Reliance. Reliance needs this equipment to supply coal to a power plant now under construction in India which is scheduled to open in 2012. And, Bucyrus needs the agreement to employ almost 1000 employees. To finalize the agreement, however, a loan guarantee was needed from the U.S. Export-Import Bank, a federal agency that is supposed to be promoting exports.
The Bank, at the urging of both the Treasury and State Departments, said no. Why, you ask?
Mr. Hochberg [one of the two democratic members of the three person Export-Import Board] said: “President Obama has made clear this administration’s commitment to transition away from high-carbon investments and toward a cleaner energy future.” He said he voted against the guarantees, which would lower the cost of financing for Reliance, because of the “projected adverse environmental impact.”
To which Reliance responded, fine with us. The power plant is already under construction and will open as scheduled in 2012. We will now purchase the needed equipment from China or Belarus.
So much for $600 million and 1000 jobs… Then again, this decision does seem to fit nicely with the administration’s oil drilling moratorium.
6 Comments
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What is this president thinking? He kills jobs in WI and in LA without any thought . He IS the worst president we have ever had. 71 days and a complete failure of action in the gulf. He dismisses the Russian Spy story as not so bad . When do we as a voice declare him incompetent and kick some axx ourselves and save this country? How long must this go on before people wake up and realize what is happening? It is not going to get better.
The President "thinking" that's an Oxymoron.
There seems to be a trend developing here. For a while, incompetence was a reasonable excuse. Now, it is veering sharply into malice. I mean, does he learn anything over time? Are there any experienced adults in the White House advising this tyro? Consider the economy, health care/insurance "reform", cars for clunkers, the oil spill cleanup, the foreign policy gaffes etc., etc., etc.
He is the worst president we have ever had in a mere year and a half! Affirmative Action president indeed.
I love to point out the seditious behavior of this president as much as the next guy…BUT…Note the the request was denied, specifically, by Mr. Hochberg. No doubt a lefty libtard zealot, and an un-elected beaurocrat hellbent on power.
I also think it's time these large corporations realize the gubmint is no longer on their side. Why is a loan guaruntee from the import-export bank required???
No, really…why? I don't get it
Bucyrus international has produced some of world's largest earth moving machinery.
Weather we supply the machinery or not India will burn the coal to feed it's growing
economy. If you listen close you can hear the world laughing. After all isn't coal solar
power? it was produced by a prehistoric sun.
You don't have to listen very closely….