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Republican Congressman Falsely Claims That ‘Almost All’ Clean Energy Companies Go Bankrupt

By Scott Keyes on October 10, 2012 at 8:45 am

"Republican Congressman Falsely Claims That ‘Almost All’ Clean Energy Companies Go Bankrupt"

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Rep. Steve Pearce (R-NM)

DENVER, Colorado — Repeating the false claims from Mitt Romney about the track record of clean energy companies, Rep. Steve Pearce (R-NM) argued last Thursday that “most of those [wind and solar] companies are now bankrupt.”

In fact, the industry is supporting thousands of innovative small businesses, hundreds of thousands of jobs, and leveraging tens of billions in private capital.

The failure rate of green start-ups was a hot topic in last week’s presidential debate after Mitt Romney falsely claimed that half of green firms that had received funding from the stimulus had failed. His campaign later had to walk back that claim.

Speaking with ThinkProgress the day after the debate, Pearce went a step further. “Almost all of them, the wind and solar stuff,” are now bankrupt, the New Mexico congressman claimed.

PEARCE: I don’t think government should be involved [with PBS]. Otherwise they do like they did on the wind and solar. I think the most powerful turning moment of the debate was when he points out, “you want teachers but you gave $90 billion over to the green energies? What kind of a deal is that?” And most of those companies now are bankrupt. Almost all of them, the wind and solar stuff.

Listen to it:

Pearce’s claim is completely false. According to Mike Grunwald, who has written extensively on the stimulus bill, estimated that less than one percent of green firms had failed. The Environment & Energy Daily writes that “the entire program [loan guarantee program] will have a default rate of just over 3 percent and won’t even come close to using up the roughly $2.4 billion that Congress has set aside to cover losses associated with the program.”

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12 Responses to Republican Congressman Falsely Claims That ‘Almost All’ Clean Energy Companies Go Bankrupt

  1. SecularAnimist says:

    The Republican Party is now a wholly-owned subsidiary of the fossil fuel corporations.

    It’s one thing for politicians to be “influenced by” or “beholden to” fossil fuel interests — we have always had those, in both parties, and we can see that influence even in the Obama administration’s policies.

    But these guys are something different. They are nothing but stooges — puppets — bought-and-paid-for LIARS, whose ONLY real agenda in office is to destroy the fossil fuel corporations’ competition from wind and solar energy.

    They are blatantly bribed, corrupt thugs. And they should be forcefully and unequivocally identified and attacked — yes, gentle folk, ATTACKED — as such, in every single article like this, and in every public forum where they spout their sneering, vicious lies.

  2. Zimzone says:

    Anyone know if this joker is related to Russel Pearce, the author of AZ’s ‘show me your papers’ bill?
    Regardless, he should be recalled like the other one was.
    I suppose bald face lies match his hair well…

  3. Lionel A says:

    Pearce is doing a disservice to that flag behind his right shoulder which is tantamount to that big T, but of course he is really representing big business and not the American people.

    ‘There’s something rotten in the US and in the rest of the world.’ Paraphrasing The Bard.

  4. I strongly suspect that these guys are secretly getting $$ from China. China knows the score about renewables and Peak Oil and they want to dominate the energy market in a few years. Guys like this guy are helping them do it. If this were an actual war, they’d be traitors.

    • Ozonator says:

      “Secretly getting $$ from China” is like their boasting of clean coal, Obama is a failure from Abatabad to a Mars landing, bad numbers are a hoax, Evil Inhofe’s igloo is still standing in the hearts of all “conservatives”, and wildfires/droughts can be cured with invading Syria and Iran but not Detroit or Mexico.

      China’s “Casino billionaire Sheldon Adelson is making another huge campaign contribution aimed at electing Republicans … already contributed $10 million … and $5 million … and … $21 million to … Oil executives Charles and David Koch … Americans for Prosperity” (“AP source: Adelson giving $10 million to aid GOP”; By BETH FOUHY | Associated Press; news.yahoo.com, 6/29/12). From another taker of gambling money from China, ”Steve Wynn Lets Loose on Obama … October 10, 2012 … RUSH: … WYNN: I’ve created about 250,000 direct and indirect jobs … put down by a president who’s never created any jobs and who doesn’t even understand how the economy works” (the old, ugly and evil Rush “looting” Limbaugh whistlesucker performing and perfuming the stink at rushlimbaugh.com). “Wynn Macau Ltd’s boss, Steve Wynn (pictured). … Mr Adelson’s net worth dropped to US$20.5 billion … from US$21.5 billion one year before … Wynn Macau Ltd chairman Steve Wynn is ranked at No. 179, with a net worth of US$2.5 billion” (“Adelson, Wynn poorer but not much, says Forbes”; macaubusiness.com, 9/21/12).

  5. Anne van der Bom says:

    Does he know how many of the car startups went belly up in the beginning of the 20th century? How many of the Silicion Valley startups didn’t make it? This guy doesn’t even know the basics of a modern, capitalist economy. Is someone this ignorant really in your government?

    • Dennis Tomlinson says:

      Yes ma’am. We’ve been “blessed” with much, much more than our share of cranks, loons, and ideological boneheads. I swear that a clear majority of Americans aren’t cranks, loons, or boneheads, but we have a terrible time getting them to vote – to vote the bums out.

    • Ozonator says:

      Mittwitt’s dad’s car company went belly-up and had to make a deal with the French then Chrysler.

  6. He mis-spoke. What he meant to say is ‘it’s my job to make certain that almost all alternative energy companies go bankrupt.’

  7. mulp says:

    Well, if we go back to the 70s and the alternative energy projects then, nearly every electric utility building nuclear alternative power plants went bankrupt.

  8. J4zonian says:

    Many good points here; just want to say one of the things we can do about it is email, call and write letters to Mr. Pearce, expressing our sincerest wishes for his health, enlightenment and change of heart over this issue. We might also include some educational material–articles, links to informative websites, etc.

    2432 Rayburn House Office Building
    Washington, DC 20515

    Phone: 855-4-PEARCE (732723) or (202) 225-2365

    or see his website for the phones and addresses of his NM offices.

  9. J4zonian says:

    Not sure why this didn’t work the first time; the website is: https://pearce.house.gov/office/washington-dc