As the old saying goes: There is nothing free except the grace of God. That includes special-interest electric vehicle giveaways in gargantuan Democratic spending bills:
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.
Car manufacturers see you rolling up with $7,500 worth of tax credits in your hand and they're like:
Gotta love it!
Meanwhile, out president is over there celebrating like:
But surely the overall benefits of the bill outweigh its obviously comical failures, right?
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.
Well maybe they'll get it right in the next inflation bill!
P.S. Now check out our latest video: "Highlights from Biden's speech last night" 👇