Fox News is pointing to one struggling solar company to suggest that the solar industry is “tanking our economy,” ignoring rapid growth in the clean energy sector that has helped, not hurt, our economy.
SoloPower, a California-based solar panel manufacturer, recently announced it will lay off workers in order to cut costs. The company received a federal loan guarantee but has been unable to draw down on it as it has not met the requirements. Fox News seized on SoloPower's difficulties as evidence the solar industry “might be tanking our economy” during a Fox & Friends segment called “Who's Ruining the Economy?” that regularly attacks green energy investments.
In fact, solar industry jobs grew more than twice as fast as the rest of the economy between 2003 - 2010. While some solar manufacturers have struggled to compete with heavily subsidized Chinese competitors, falling solar panel prices are driving record installations and putting solar energy on track to become cost-competitive with fossil fuels within a decade.
Experts note that it is common for an industry to consolidate as it matures, as some companies are out-competed or bought out by larger companies. But Fox News has repeatedly pointed to individual companies in order to smear the entire clean energy industry. This segment was no exception, featuring a graphic purportedly showing the Obama administration's “failed” clean energy investments, most of which have not actually failed.
While Fox News claims solar power is “tanking our economy,” it campaigns for policies that could actually inflict severe harm on the economy such as Rep. Paul Ryan's budget plan, which would impose severe spending cuts while possibly raising taxes on the middle class.