Bad Karma: TaxPayers Subsidize Millions On Auto Recalls

It looks like another taxpayer funded disaster is being exposed for what it is. “Green energy” car manufacturer Fisker was approved for $529 million of our money by the Obama administration via a government loan. Now it’s running into the same problems the Chevy volt has run into.

The cost of one of the vehicles, which the company calls Karma (yes there is a pun in there somewhere I know), is $107,000! That’s right, more than my house cost me. The company is now recalling some 2,400 plug-in hybrids after a second incident occurred in Woodside, California this week where one of the vehicles caught fire.

Even more infuriating is the car is powered by batteries that were made by A123 Systems, Inc., which just so happens to have been funded by $279 million of taxpayer money as well. In case no one is paying attention, A123 is about to sell controlling shares in a Chinese company called Wanxiang for $450 million. I’m sure taxpayers will see none of that money.

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The car manufacturer was denied access to over half of the money they were approved to receive via the loan because they did not release the vehicle. Clearly the release was premature based on the fact that they wanted that money.

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Now they are looking to acquire $150 million just to stay in business. Again this is a prime example of why government has no business in private business. If you’re looking for what Barack Obama said in his statement of “You didn’t build that,” well here is proof of what he said: a business built with taxpayer money and look at what it does. It flops, just like Solyndra and a host of other green energy companies that Obama threw nearly a trillion dollars at in stimulus.

I’d say the company’s Karma is resulting in a very bleak outlook for its existence and taxpayers can kiss that money bye bye, just like we did with the other “green” programs supported by Barack Obama.

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