Photo by Matthew Fassnacht on Unsplash, cropped
As found by a new study released by the Texas Public Policy Foundation, “the average EV accrues $48,698 in subsidies and $4,569 in extra charging and electricity costs over a 10-year period, for a total cost of $53,267.” When converted into an equivalent subsidy per gallon of gasoline, it’s as though the government paid an extra sixteen dollars and twelve cents per gallon for a conventional internal combustion engine vehicle.
Hertz took a hit in its third quarter 2023 earnings report due to unexpected losses from operating the largest electric vehicle fleet in the rental car industry. Unsurprisingly, Hertz announced a pause in its acquisition of more electric vehicles.
The liberal wastefulness of green energy will be one of many senseless entitlements seeking new handouts this year. The government is too invested to let these companies bust, so when projects like wind energy and electric vehicle subsidies make bigger losses, the American taxpayer will be left holding the bag.
Even after the federal deficit doubled from $1 trillion (not just billion) to $2 trillion in merely one year, there is Biden’s other financial blunder. Biden continued to demand another $100 billion to spend on no-win foreign wars. At the start of his speakership, House Speaker Johnson wisely separated a vote on emergency aid to Israel from a vote on the much larger spending package demanded by Zelensky in Ukraine with the support of Sen. Mitch McConnell (R-KY) despite rising conservative opposition.
A financial collapse, typically unpredictable in its timing, becomes increasingly likely under the weight of this crushing debt. Ending subsidies for green energy and foreign wars is a great place to start to save our economy.
Due to inflation caused by wasteful government spending, the interest costs alone on the mountain of debt run up by Biden will soon exceed our total spending on our national defense. Conservatives in the House of Representatives must stand resolutely against spending excess. It is time for them to bring out the scalpel and stop Biden’s destruction of our economy.