The State of California is completely overwhelmed by debt; roughly $377 billion in debt to be specific. To make matters worse, the City of Salinas and their residents are now going to have to eat over half of a million dollars in losttaxpayer dollars. Mike Ryan, President and Co-Founder of the now-defunct Green Vehicles company just added insult to injury by breaking the news to city officials via e-mail.
This represents something far too common in today’s world of bloated, incompetent government: funding of non-viable or unreliable projects with taxpayer money with no guarantees.
Green Vehicles received two loans from the government of Salinas since 2009, one for $300,000 and an additional $240,000 loan after the corporation began showing their hand as a failure.
In situations like these, the people of Salinas who are having their hard-earned money squandered by bureaucrats should be able to dictate the terms and approval of a loan. Perhaps if the local government held a town hall and/or a vote they wouldn’t be struggling to get a measly half of the lost funds returned.