Photo by Michael Fousert on Unsplash
Since the induction of House Speaker Mike Johnson, the Republican Speaker from Louisiana, many groups and countries are lining up for new handouts by Congress. Among those with their hats in their hands for billions of dollars were the green energy industry of windmills and battery-powered cars.
Fortunately, House Speaker Johnson began his speakership fully supported by conservative lawmakers in the House who wanted separate votes on spending-neutral bills. The first out of the gate was a $14.3 billion aid package to Israel which would be funded by repealing part of Biden’s $80 billion IRS expansion.
Biden’s Treasury Department announced that it would borrow the most ever for the fourth quarter of 2023: $776 billion. The multi-billion-dollar cost of the Leftist green agenda is not something we can afford to ignore anymore.
Ask Ford Motor Company. In October, Ford’s stock fell by 14% in three business days after news came out that the Company lost a more-than-expected $1.33 billion in its electric vehicle unit for the third quarter of 2023. This translates into an average loss of $36,000 on every electric vehicle it sold.
Once a preeminent American corporation, Ford’s value fell to only $38 billion in market capitalization, and it cannot survive annual losses of $5 billion on electric vehicles. A sharp increase in costs for raw materials needed by the batteries in electric vehicles has cast doubt on if and when electric cars would ever be profitable to sell, despite mandates by Biden and California Governor Gavin Newsom.
Electric vehicles will not change the world in the way that Democrat politicians and pundits claim they will. The climate change narrative is overblown and based on fearmongering. Even if it were true, the cut in carbon emissions brought about by electric vehicles would barely make a dent in total carbon emissions. China and India are responsible for most carbon emissions. Damaging the American economy by forcing long-standing American corporations to be hamstrung by electric vehicle mandates is a onerous cost, and the benefits are extremely limited and based on the questionable climate change agenda.
This post originally appeared at https://www.phyllisschlafly.com/liberalism-and-conservatism/big-government/unplug-electric-vehicle-madness/
