Obama to increase electric car subsidies

My jaw dropped when I saw this at the Daily Caller this morning: The White House intends to boost government subsidies for wealthy buyers of the Chevy Volt and other new-technology vehicles - to $10,000 per buyer. That mammoth subsidy would cost taxpayers $100 million each year if it is approved by Congress, presuming only 10,000 new-technology autos are sold each year. But the administration wants to get 1 million new-tech autos on the road by 2015. The subsidy cost of that goal could reach $10 billion. The planned giveaway will likely prompt populist protests from GOP legislators, but it will likely also will be welcomed by auto-industry workers in the critical swing state of Michigan. That welcome is critical for President Barack Obama, who is touting his support for blue-collar manufacturing programs to help offset his low public approval ratings. The new subsidy level represents a 33 percent jump from the current $7,500 government payout for each Volt buyer, even though the...(Read Full Post)

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