Mitt Romney made numerous bogus claims in the Oct. 3 debate about the $90 billion in grants, guaranteed loans and tax breaks for energy projects in the stimulus bill:
- Romney falsely claimed “about half” of the clean-energy companies that received U.S.-backed loans “have gone out of business.” But 26 companies received loan guarantees under a loan program cited by Romney, and three of those have filed for bankruptcy. The three firms were approved for about 6 percent of the loan guarantees.
- Romney incorrectly claimed the “$90 billion in breaks to the green energy world” was provided “in one year.” It was two.
- He stated at one point that Obama put $90 billion “into solar and wind.” But only $21 billion went for renewable energy projects, “such as the installation of wind turbines and solar panels,” according to a White House document cited by the Romney campaign. The spending also included $18 billion for transit projects and $10 billion to upgrade the nation’s electrical grid.
- He falsely claimed the $90 billion was equal to “about 50 years’ worth of what oil and gas receives” in tax breaks, which he estimated at $2.8 billion. By his own figures, it would have been 32 years’ worth. But it’s even less than that. The administration estimates that eliminating oil and gas tax preferences would raise about $3.9 billion a year (23 years’ worth). The industry itself says the administration would increase its taxes by $8.5 billion a year (10.5 years’ worth).
- He falsely claimed Obama “put $90 billion into green jobs … that would have hired 2 million teachers.” But that $90 billion included loan guarantees, not just grant money, and the government can’t hire teachers with loan guarantees.
We asked the Romney campaign about the $90 billion, and it referred us to a July 14, 2010, administration report on the economic impact of the stimulus. But that report said only about $21 billion went “for Renewable Generation, such as the installation of wind turbines and solar panels.”
The seven other sub-categories of “clean-energy” projects identified in the report were:
- $29 billion for energy efficiency, including $5 billion for the weatherization of low-income homes;
- $10 billion to modernize the nation’s electric grid;
- $6 billion for domestic manufacturing of advanced batteries and other components of alternative vehicles and fuel technology;
- $18 billion for transit projects, including high-speed rail;
- $3 billion for researching and developing clean-coal technology;
- $3 billion for job training;
- $2 billion in manufacturing tax credits.
So, clearly, the $90 billion wasn’t just for wind and solar projects.
Click on the following for more details: FactCheck.org : Romney’s Clean Energy Whoppers
