Green Energy Win: Tesla Repaid a $465 Million Federal Loan 9 Years Early

Last updated on September 25th, 2023 at 02:30 pm

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Republicans are threatening another “hearing”, this one against green energy aid. You see, Republicans are very concerned about how Obama is ruining the free market by picking “winners and losers”. You remember that phrase from the campaign, I’m sure. Mitt Romney got his smug on over electric vehicle maker Tesla (TSLA) during a debate, calling them “losers.”

Romney, who fancies himself a businessman but does not actually build and operate a successful business, but instead swoops in after others have done the hard work and dismantles them for profit, was wrong about Tesla.

Tesla just paid off their $465 million federal loan nine years early, in full.

How’s that for being a “loser”?

Tesla’s loan was part of the much-maligned green energy push. Republicans can’t stand green energy, ostensibly because it’s ruining the “free market”, but in reality because it seeks to cut into Big Oil’s profits.

Ironically, Republicans refuse to consider not subsidizing the already profitable oil companies, which need no incentive. Republicans don’t consider that ruining the free market. But once a competitor for Big Oil gets some government cash, suddenly “competition” is being destroyed (insert mocking laughter here). This argument is a total fail because it presumes that Big Oil can’t compete with Green Energy, all things being equal. Republicans are saying that Big Oil should be given special privileges over all other energy — their profits subsidized by our tax dollars as their losses, spills, etc. are socialized.

If you’re not sick on the hypocrisy yet, or you aren’t screaming about the fact that green energy is one of the few examples of where government subsidies make sense because we need to develop green energy sources for the planet and for national security, maybe you shouldn’t keep reading.

You see, the Advanced Technology Vehicle Manufacturing program was signed into law by President George W. Bush, with the goal of “accelerating the market for energy-efficient cars.”

Are you still with me? Get the sick bag out, because Republicans are now threatening to waste your tax dollars on yet another hearing, this one aimed at Green Energy.

When they’re picking all these losers, it’s nice for them to have one where they can point to,” Representative Jim Jordan, an Ohio Republican who held a hearing last month on Fisker’s loan, said in an interview yesterday:

Jordan said he wants his House Oversight and Government Reform Committee panel to hold another hearing on Energy Department aid to electric-car companies and their suppliers.

To be clear, we should not investigate Big Oil for their oil spills, burst pipes, destroyed wildlife, bad water, etc. But we should investigate Green Energy because they are evil and also losers.

Pointing out that sales of electric vehicles in the United States tripled last year, U.S. Energy Secretary Ernest Moniz said in a statement Wednesday, “Tesla and other U.S. manufacturers are in a strong position to compete for this growing global market…. This is another important contribution to what the Obama Administration has done to preserve and promote America’s auto industry.”

This is a win for Green Energy. Tesla did what companies are supposed to do with government help — use it to build, pay it back. When are the oil companies going to pay us back? Oh, I kid. They aren’t responsible for paying us back for the subsidies we give them. You see, they do their part by subsidizing mostly Republicans, many of whom aren’t fit for office — Drill, Baby, Drill. Wink.

Image: Tesla Roadster

Sarah Jones

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