Joe Biden’s attempt to force all Americans into electric vehicles (EVs) keeps running into major roadblocks.
The more information that comes out about EVs, it seems like the less popular they become.
And Joe Biden’s electric vehicle agenda is like Robin Hood in reverse for this one shocking reason.
President Joe Biden’s massive electric vehicle boondoggle is subsidizing the lifestyles of America’s rich and famous while hurting the pocketbooks of average Americans.
No market for Biden’s EVs
While the Biden administration is aggressively regulating the American auto market to increase the number of EVs sold over the coming decade, consumer demand has not taken off for the troubled green energy vehicles.
This is happening despite the huge taxpayer subsidies made available in Joe Biden’s flagship climate bill, the grossly misnamed Inflation Reduction Act (IRA).
Due to low demand, manufacturers are being forced to slash prices on their EVs to try and make the vehicles more appealing to American car buyers.
Because of this, they are increasing the prices of internal combustion engine (ICE) cars to try and make up for their losses.
Most auto industry insiders and economists predict this will only ramp up and will soon have a major negative impact on the used-car market that is favored by lower-income Americans.
Of course, the reason for all of this is the Biden administration’s increasingly stringent regulations on ICE vehicles.
But it’s even worse than that.
EVs get billions of dollars in direct taxpayer subsidies.
This includes the IRA’s $7,500 consumer tax credit, which allows manufacturers to drop their prices on EVs and then offset those losses by raising prices on ICE vehicles.
Stealing from the poor and giving to the rich
“As the mandated market share of EVs grows, the number of ICE vehicle sales must shrink. A decreasing number of ICE vehicle sales would have to prop up an increasing number of EV sales. The price hike per ICE vehicle would have to increase to offset losses on the ever-larger volume EVs sold,” senior fellow for the Competitive Enterprise Institute, Marlo Lewis, told the Daily Caller News Foundation (DCNF).
“Used cars compete with new cars for customers. If new car prices rise, so will used car prices. Even with generous federal, state, and manufacturer incentives, EVs cost thousands of dollars more than comparable ICE vehicles, and millions of middle-income households are already priced out of the market for new vehicles,” he continued.
Joe Biden’s Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) have each come up with major emissions or fuel economy regulations that have nothing to do with the environment.
Instead, these outrageous regulations are designed to require huge increases in the number of EVs sold by the 2030s.
It is very telling indeed that, despite these regulations and the massive taxpayer subsidies intended to help increase EV production and demand, American manufacturers are losing billions of dollars on EVs.
These losses are hurting lower-income car buyers whose needs are not well-suited by EVs.
That’s because one of the worst side effects of Joe Biden’s EV agenda is the skyrocketing cost of traditional gas-powered automobiles.
The cars that people really want are in short supply due to the fixation on EVs, which leads to higher prices on gas-powered vehicles.
Meanwhile, the market is flooded with EVs that car buyers simply don’t want.
Unfortunately, Joe Biden and the left-wing elites are ignoring basic economics.
And they are hurting the very people that they claim to speak for, which are the poor and middle class.
Patriot Political will keep you up-to-date on any developments to this ongoing story.
