Vice President Joe Biden paid a visit to the Durham-based Cree company yesterday. Cree is a leading maker of LED lights, touted as energy efficient bulbs.
According to Biden:
“I don’t think I’ve ever seen a success story quite like this one here at Cree,” Biden said. “It ties so much into what President Obama and I are trying to do.”
But behind that “success” lies a bit of forced taxpayer subsidization.
Visiting Cree allowed the vice president to talk about both the 375 jobs Cree has added since February 2009 and the $39 million in federal tax credits the company has received under a stimulus program for green energy manufacturers.
Not directly mentioned were the half-million North Carolinians now out of work. The state’s unemployment rate, which hit 11.1 percent in January, is the highest it has been since the state began keeping track in 1976.