Numbers, Schmumbers, 9 Percent Is About Half, Isn’t It?

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Here is Mitt Romney last night, criticizing the green energy loan guarantee program that was part of the stimulus bill:

You put $90 billion into green jobs…And these businesses, many of them have gone out of business, I think about half of them, of the ones have been invested in have gone out of business.

Close! The DOE 1705 program has approved 33 loans worth about $16 billion. So far there have been three failures (Solyndra, Beacon, and Abound), which works out to a failure rate of…

Nine percent.

By dollar volume, these loans will cost a maximum of about $600 million if the government ends up on the hook for the entire loan amount. That comes to maybe 4 percent of the total. By other measures, the failure rate is less than 1 percent.

Still, close enough for a national debate, I guess! Michael Grunwald tweets that Romney’s people later told him that “Mitt didn’t mean to say half the stimulus-funded green firms failed.” So I wonder what he did mean to say?

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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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