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 Volt's buyers are already among the wealthiest Americans. It will be offered to buyers of any new-technology autos, including battery-powered autos and cars powered by natural gas, said a White House official.
Wouldn't it be cheaper just to give the cars away?
I don't know about you but this new subsidy has convinved me to buy electric. If the government is going to give me 10,000 clams just to buy a car, think of what else they can subsidize to make a pig in a poke look like a prom queen?
Health insurance, for instance.