A123 Bankruptcy Example of False Hope, Failed Government-Driven Economy

GRAND RAPIDS, Mich. – U.S. Senate candidate Pete Hoekstra issued the following statement after A123 filed for bankruptcy protection today. A123 received $249.1 billion in Stimulus funds to build a facility in Livonia and Romulus, Michigan. Michigan was promised thousands of jobs.

“Unfortunately for Michigan workers and families, this is another example of false hope and broken promises because of the failed Obama-Stabenow government-driven economy,” said Hoekstra. “President Obama made it clear that I opposed the Stimulus. The Stimulus continues to prove it was not worth borrowing money from China and saddling our kids with debt. This needs to stop. It is time for America to be America again.”

A123 received $249.1 million in Stimulus funds to build facilities in Livonia and Romulus, Michigan. A123 promised to create 38,000 U.S. jobs, including 5,900 at its own plants.

http://www.reuters.com/article/2012/08/16/a123-china-rescue-idUSL4E8JG37H20120816

The A123 announcement follows the announcement by LG Chem in Holland placing its workers on furlough. LG Chem received $151 million from the Stimulus and has failed to produce one battery. President Obama attended the groundbreaking.

http://www.mlive.com/business/west-michigan/index.ssf/2012/09/pete_hoekstra_recalls_obamas_p.html

In an interview with the Muskegon Chronicle on October 9, 2012, Senator Stabenow reiterated her support for the government to create a battery market even though the high profile failures.

“Stabenow supports tax incentives for “advanced manufacturing” to support clean energy, such as new battery technologies, despite embarrassing failures such as Solyndra.”

http://www.mlive.com/news/muskegon/index.ssf/2012/10/sen_debbie_stabenow_in_muskego.html

Source: Press Release – Hoekstra for Senate

190 Monroe NW
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