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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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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