“Doubling down on industrial policy failure, the administration decides to bump up the taxpayer subsidy for Government Motors’ touted electric car. Who said its range wasn’t enough to drive us to the poor house?”
Investor’s Business Daily editorializes:
Tucked away in the recesses of President Obama’s 2013 budget, a budget that Senate Majority Leader Harry Reid says he will not bring to the Senate floor, is a nugget that speaks volumes about the troubles we’re in:
While delaying the Keystone XL pipeline, the administration plans to increase the subsidy for the Chevy Volt and other “new technology” vehicles to $10,000 per car.
“We give consumers the incentive to buy these cars,” White House economic chief Gene Sperling said at a budget briefing where he announced the 33% increase from the current $7,500 subsidy. The budget document, titled “Investing in Our Future,” includes a goal of putting “1 million advanced technology vehicles on the road (by) 2015″…