Government Motors' Chevy Volt, this generations' Ford Edsel, is getting a boost from President Obama in the form of a $10K subsidy per vehicle, up from $7500. This is just one more slap in the face to the American taxpayer, as he throws more money at a vehicle which is the biggest dog since the Edsel. Battery fires, charging cords melting, and anemic sales figures plague the Volt, but Obama is doubling down. Even as he speaks of support for free market capitalism, he continues to pour money into doomed-to-fail "green" projects. Not only are sales not meeting a modest sales goal of 10,000 per year, they are not close, even with the subsidy. Through November, only 6,100 had been sold, or 11 per month per state! No, this is not free-market capitalism. This is crony capitalism. The free market is rejecting the Volt, but Obama is hell bent on having just one of his pet green projects succeed, and willing to spend as much taxpayer money as is necessary to make it happen. This also comes at the same time as a study which blows away the claim the these cars are "zero emission", pollution has actually increased in China, which has more than 100 million electric vehicles, due to increased demand on power plants to meet the greater electrical demand.
Government meddling in the free market will only continue to delay any kind of economic turnaround. Obama understands this, but it's not really about turning the economy around. Is it Mr. President?
Obama hikes subsidy to wealthy electric car buyers
By Neil Munro - The Daily Caller Published: 2:10 PM 02/13/2012 | Updated: 4:44 PM 02/13/2012
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 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.