Rep. Paul Ryan, R-Wis., predicted on Fox News Sunday that more government-backed companies would fail, after the manner of the solar energy company Solyndra, because of the inability of the government to identify prudent investments.
If Ryan proves correct, the $535 million loss of federal money in the Solyndra bankruptcy will pale compared to ensuing failures:
There are billions more of this exact kind of spending that came out of the stimulus that will produce these results we fear. This is industrial policy and crony capitalism at its worst. It’s exhibit A for how this kind of economic policy doesn’t work.
We shouldn’t be picking winners or losers in Washington. We should be setting the conditions for economic growth so that the private sector can create jobs. Washington is not good at picking winners and losers, so we shouldn’t try.
We shouldn’t be picking winners or losers in Washington. We should be setting the conditions for economic growth so that the private sector can create jobs. Washington is not good at picking winners and losers, so we shouldn’t try.
