Joe Biden has more fires than he can put out, but he’s bulldozing ahead with policies aimed to please young socialist Democrats, but now a key element of that agenda could be in jeopardy thanks to a new report.
A report published by the Texas Public Policy Foundation (TPPF) revealed that (EVs) would boast sticker prices tens of thousands of dollars more than they do now if it weren’t for taxpayer-funded incentives.
According to the report’s findings, taxpayer money injected by Biden is essentially propping up the EV industry.
The report was produced by Jason Isaac and Brent Bennett, both respected experts in the energy industry.
Their review of available data revealed that EVs produced in 2021 would cost a mind-blowing $48,698 more to own over a decade if Democrats weren’t passing along $22 billion in taxpayer money used to subsidize both manufacturers and owners of EVs.
Important aspects included in the study included the role played by taxpayer-funded federal fuel efficiency programs, electric grid strain, and direct state and federal subsidies.
“It is not an overstatement to say that the federal government is subsidizing EVs to a greater degree than even wind and solar electricity generation and embarking on an unprecedented endeavor to remake the entire American auto industry,” the experts reported. “Despite these massive incentives, EVs are receiving a tepid response from the majority of Americans who cannot shoulder their higher cost.”
“It’s time for federal and state governments to stop driving the American auto industry off an economic cliff and allow markets to drive further improvements in cost and efficiency,” the authors declared.
Some of the details included in the report also revealed that EVs get about seven times more credits thanks to federal fuel efficiency programs delivered in terms of fuel economy benefits.
That means in the end taxpayers are shoveling out nearly $27,881 per vehicle to EV makers.
But that isn’t even the end of the story.
Taxpayers are also coughing up an average of $11,833 per vehicle over 10 years on the strain on the electrical grid caused by EV charging stations.
If that information becomes widely circulated it could result in a massive revolt on the part of the utility ratepayers and taxpayers when most couldn’t dream of purchasing an EV themselves.
Voters have already identified the economy as a top concern thanks to skyrocketing inflation that already has families forced to choose between paying for groceries, medication, or gasoline to commute to work.
But the realities facing average Americans don’t even come into play when it comes to Democrats pushing their socialist policies.
They’re continuing to direct an average of $8,984 per EV per year over the next decade in state and federal tax dollars.
“The stark reality for proponents of EVs and for the dreamers in the federal government, who are using fuel economy regulations to force manufacturers to produce ever more EVs, is that the true cost of an EV is in no way close to a comparable [internal combustion engine vehicle (ICEV)],” the report pointed out.
“Without increased and sustained government favors, EVs will remain more expensive than ICEVs for many years to come,” it stated. “Hence why, even with these subsidies, EVs have been challenging for dealers to sell and why basic economic realities indicate that the Biden administration’s dream of achieving 100% EVs by 2040 will never become a reality.”
As the truth about EVs leaks out, it’s time for the government to abandon its wild effort to drive the economy off the cliff in the name of going “green” while running the country deeper into the red.
Political Animal News will keep you up-to-date on any new developments in this ongoing story.