The Daily Wire describes the aftermath of the reported $7500 electric vehicle tax credits in Biden’s boondoggle bailout bail signed into law today. It is a reminder of what science fiction author Robert Heinlein pointed out: TANSTAAFL (There Ain’t No Such Thing As A Free Lunch). From the Daily Wire:
Citing “significant material cost increases and other factors,” Ford’s announcement revealed price hikes between $6,000 and $8,500 for its electric vehicles. The F-150 Lightning Pro, for example, will sell for $46,974 — a $7,000 increase from the $39,947 charged for last year’s model. GM likewise increased the cost of its electric Hummer by $6,250 last month.
The price hikes are comparable to the $7,500 tax credits for new electric vehicles included in the $740 billion Inflation Reduction Act, which currently awaits President Joe Biden’s signature. The legislation earmarks a total of $369 billion to combat “the existential crisis of climate change,” according to remarks from Biden.
Meanwhile, Biden is doing victory laps celebrating another legislative (ahem) victory while the average American will get screwed.
A study from economists at the University of Pennsylvania’s Wharton School discovered that the Inflation Reduction Act would “very slightly increase inflation” over the next two years and “decrease inflation thereafter,” with both estimates “statistically indistinguishable from zero, thereby indicating low confidence that the legislation will have any impact on inflation” despite its high price tag.
Oops! Um, better luck next time? Maybe?