David Frantz, who runs the Energy Department’s loan guarantee program, contradicted President Obama today by telling Congress that the program is not designed to create jobs.
“The predominance of our portfolio — and the objective, really, of the act — is to be creating large infrastructure, utility-scale projects; and, by definition, they are not a multiplier for job creation,” Frantz told a Joint Hearing on the No More Solyndras Act that would ban the loan guarantee program.
Frantz’ comment may come as a revelation to Americans who heard President Obama’s speech at thenow-bankrupt Solyndra, Inc. facility two years ago.
“When it’s completed in a few months, Solyndra expects to hire a thousand workers to manufacture solar panels and sell them across America and around the world,” Obama said in 2010. “And this in turn will generate business for companies throughout our country who will create jobs supplying this factory with parts and materials. So there’s a ripple effect. It’s not just localized to this area.”