Steven Chu

Obama’s Dim Bulbs

U.S. Taxpayer paid Philips Global $10 million and all they got was a $50 light bulb

The Department of Energy paid Dutch energy-giant Philips Global $10 million for its newest LED light bulb. Now the two are trying to figure out what to do with it. The bulb, which is slated to replace the 60-watt incandescent light bulb lawmakers banned in 2007, costs $50, well above the $1 consumers are used to spending on traditional bulbs and double the price of many existing LED lights.