By Bill O'Reilly
America would be a stronger country if we had green energy. If we could get away from fossil fuel, the air would be cleaner, we'd be less reliant on OPEC, and a brand-new green industry would create millions of jobs. So every American should want green power, even folks in the oil bidness, as they say in Texas.
The problem is alternative energy doesn't yet exist on a mass level, and the Obama administration has wasted billions of dollars trying to create green jobs. For more than a week we have been reporting on the Solyndra scandal, whereby a solar panel company in California received $527 million in federal loans and has now gone bankrupt.
But here's something even worse. The Department of Energy reports that nearly $20 billion in loan guarantees have been extended to a variety of green companies. Total permanent job creation -- wait for it –- 3, 545 jobs. That averages out to more than $5 million for every new permanent green job. Unbelievable.
In reply, the Obama administration says thousands of temporary jobs have been created and defends the loans:
(BEGIN VIDEO CLIP)
JAY CARNEY, WHITE HOUSE PRESS SECRETARY: We never thought, and the Department of Energy never thought, that every investment would succeed. But that is not a reason to simply throw up your hands and say, "Never mind, let's let the Chinese own this industry."
(END VIDEO CLIP)
The problem with Mr. Carney's analysis is that the United States is broke. We don't have billions of dollars to speculate on iffy projects. China doesn't have entitlements to pay. It can pour all the money it wants into research and development because it doesn't care how its citizens are doing.
Right now, America owes more than $14 trillion -- more than a trillion of that to the Chinese. So again, we don't have money to burn, to speculate.
There is no question that the Obama administration has spent lavishly and run up record debt in doing so. That has to stop. And if we have to live with fossil fuel for another decade or two, so be it.
I love green energy, but it is not ready for prime time. The president should wise up.
And that's "The Memo."
Pinheads & Patriots
Twenty-three-year-old Dakota Meyer, a sergeant in the Marines who fought in Afghanistan, received the Medal of Honor from President Obama on Thursday.
Sergeant Meyer's story is absolutely incredible. He saved 13 Marines and Army soldiers, another 23 Afghan soldiers who were pinned down in eastern Afghanistan. The sergeant was wounded but his heroism continued, and it was incredible.
If you have a chance you can read about the battle in Thursday's Wall Street Journal on the opinion page. I recommend you do that. Sergeant Meyer, of course, is a patriot.