Senator Jim DeMint says President Obama’s jobs plan has no future–just look at Solyndra, a company that makes solar panels. Solyndra Incorporated recently filed bankruptcy after it was given $535 million in loan guarantees more than a year ago from President Obama’s stimulus package.
Senator DeMint says if Congress passes Obama’s $450 billion bill, “it would create a permanent National Infrastructure Bank to fund future companies like Solyndras in the world.”
“You’ve got to let the market develop in a natural way, and by flooding in a company like that with free money they’re just going to overspend, they will overgrow and there’s not going to be a market there to buy their products. So, this is a developing market, it will develop, but you can’t force it. These guys don’t understand how free-market enterprise works,” says DeMint.
Republicans are accusing the administration of rushing the approval for Solyndra, which first requested help under the Bush Administration so it could be part of the stimulus. DeMint says government needs to stop micromanaging the economy and American business.