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Author Topic: Obama hikes subsidy to wealthy electric car buyers  (Read 315 times)

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Offline fish

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Obama hikes subsidy to wealthy electric car buyers
« on: February 13, 2012, 10:35:49 PM »

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The White House intends to boost government subsidies for wealthy buyers of the Chevy Volt and other new-technology vehicles ó 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 Voltís 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.
The extra money for wealthy buyers will be borrowed funds, eventually paid off by future taxpayers in all income brackets.
http://dailycaller.com/2012/02/13/obama-hikes-subsidy-to-wealthy-electric-car-buyers/