Apparently, the junior Senator from Montana believes the United States has not wasted enough money on failed, uneconomic energy programs. He is jumping on the bandwagon. Jon Tester wants to Solyndracize Montana energy.
Senator Jon Tester receives
the Geothermal Heat Pump Industry Champion
award from GEO, an industry lobbying
and trade organization whose
corporate members will benefit from S 362.
Earlier this week, Montana Senator Jon Tester introduced a bill, S 362, that he claims will “create jobs and increase America’s energy security by better utilizing Montana’s geothermal energy resources.” In reality, Tester’s legislation greases the palms of corporate cronies. Senator Tester’s bill hands over federal funds to firms that curry favor with Tester's designee, Energy Secretary, Steven Chu (or Chu's successor).
Doubling down on the failed model that has sent billions of taxpayer dollars down the drain to subsidize the likes of Solyndra, Tester’s legislation authorizes the Secretary to administer a “direct loan program for high risk geothermal exploration wells.”
Tester is going big. The legislation funds “the use of geothermal energy in large scale thermal applications.” The bill authorizes the Secretary to develop a ”cost share percentage for loans made under this section on a sliding scale, with higher Federal shares awarded to projects with higher risks.” The bill authorizes Secretary Chu to grant “loan modifications or forgiveness” to his (or should I say Jon’s) corporate pals. Big cost applications, plus big cost shares, plus big cost risks, plus cost forgiveness equals huge defaults. Way to go Jon! You are hitting on all cylinders. When my children understand what you are doing for them, no doubt they will thank you for pushing yet more debt onto their generation.