With Democrats about to control all the levers of power in Washington, the biggest winners might be the wind and solar companies. These firms’ stocks continue to surge mostly because President-elect Joe Biden has pledged to invest several hundred billions of dollars in green energy through a pipeline of taxpayer-funded grants, loans, tax credits, and loan guarantees.
This game plan looks suspiciously like a replay of the litany of green “stimulus” fiascoes that then-Vice President Biden piloted back in 2009 with the $800 billion Obama stimulus plan. The experiment in the government as an investment banker belly-flopped with embarrassing failures from Solyndra, Fisker Automotive, and Abound Solar. Taxpayers lost billions of dollars on these lemons.
