Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
"There is a great deal of ruin in a nation" -- Adam Smith
"...especially when 'ruin' is the guiding principle behind its economic policy" -- Troy Senik's addendum to Adam Smith
The Obama Administration has come full circle. Back in 2009, the stated goal of "Cash for Clunkers" was to subsidize removing "inefficient" vehicles from the road. Now the administration is opening its wallet (read: opening your wallet) to put them right back. This is how the Daily Caller reports the newest gambit from the "what will it take to get you into this car today?" pitchman-in-chief:
The White House intends to boost government subsidies for wealthy buyers of the Chevy Volt and other new-technology vehicles — to $10,000 per buyer.
That mammoth subsidy would cost taxpayers $100 million each year if it is approved by Congress, presuming only 10,000 new-technology autos are sold each year.
But the administration wants to get 1 million new-tech autos on the road by 2015. The subsidy cost of that goal could reach $10 billion.
Of course, in this era of "shared sacrifice", it's only fair that taxpayers foot some of the bill so that the beleaguered middle class can finally kick their addiction to oil cold turkey, right?:
The average income of the Chevy Volt’s buyers is $170,000 per year, according to General Motors CEO Dan Akerson. “Some of them — I think roughly half — are either [Toyota] Prius or BMW owners,” Akerson said in a Dec. 16 interview with the Associated Press.
That high income puts the Volt’s buyers in the top 7 percent of households, according to census data, and slightly above the rankings held by households with BMWs, Lexuses or Cadillacs.
Ok, well ... these folks probably have hardships too. Have you ever had to deal with the nightmare of cleaning up your venti skim chai latte when it spills all over the leather upholstery in your Z4? It's like something out of Kafka. And this is still the right thing to do, because this industry is obviously bursting at the seams with pent up-demand:
For example, even with the $7,500 rebate for each buyer, Chevy sold only 7,671 Volts in 2011, far below the target of 10,000 earlier touted by company officials. Last month Nissan made the 10,000th sale of its all-electric Leaf model.
Memo to Washington: if you're dangling thousands of dollars in people's faces to get these cars off the lot and the public is still not biting, the problem is on the showroom floor, not the Senate floor. "Cash for Clunkers" was bad enough. Now you're trying to bait the public with "Cash and Clunkers"?
The American consumer doesn't want what you're pushing. This isn't an example of halftime in America. This is the third quarter. You're down by 21. It's 4th and 15 deep in your own territory -- and you're refusing to punt.
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Jul '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
EJ really outdid himself with that picture!
Aug '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
This is so stoopid.
2012 Nissan Versa
MSRP - $10,990
30 mpg city and over 30 MPG mpg highway
2012 Smart fortwo
MSRP - $12,490
over 30 MPG mpg city and 38 mpg highway
2012 Hyundai Accent
MSRP - $12,545
over 30 MPG in the city and 40mpg on the highway.
2012 Chevrolet Volt
Edited on February 14, 2012 at 8:26pmMSRP - $31,645
35 MPG city/40 hwy (gas)
(EPA-estimated 94 MPGe (electric))
Sep '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Cash AND Clunkers. Zing!
Aug '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Of course, $10,000 off the cost of a Hyundai Accent would be way too expensive, because SO MANY people would be JUMPING at the chance to get a brand new car for only $2,545.
It's not nearly as expensive to give $10,000 off the cost of a Volt, because very few twits will be willing to pay $21,645 for a car that's only about as good as, well, a Hyundai Accent.
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
My nominee for sentence of the week. Okay, make that two sentences of the week.
Edited on February 14, 2012 at 8:34pmApr '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Misthiocracy: Of course, $10,000 off the cost of a Hyundai Accent would be way too expensive, because SO MANY people would be JUMPING at the chance to get a brand new car for only $2,545.
It's not nearly as expensive to give $10,000 off the cost of a Volt, because very few twits will be willing to pay $21,645 for a car that's only about as good as, well, a Hyundai Accent. · 0 minutes ago
Plus, the Accent isn't an easily recognizable billboard for Obama's Green Jobs version of Morning In America.
Mar '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Meanwhile in Kalifornia I have a 1994 Ford Explorer with 200k miles that runs perfectly, gets 18 mpg, and uses only 1/4 cup of oil between 3k mile changes, but the state won't allow it to pass a smog check because the automatic transmission slips a little on the dynamometer. ($1500 to fix) I could get rid of it, but I love it. It's my hunting truck, my Home Depot truck, my all around workhorse and pack mule.
Government ruins my mood.
Sep '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Does anyone remember the scene from the HBO movie Barbarians at the Gate when F. Ross Johnson (played by James Garner) enters the lab to find out what they've produced for their $350 million R&D budget?
Cash and clunkers is the CoC compliant version of that scene.
Aug '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Hollywood Twitmobile
Eisner and Leno have been supporting this kind of alchemy for a long time.
They had to turn their EV-1 cars in when GM decided the best course of action was to destroy them all.
They were $35 grand back in 96.
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
So much facepalm in this.
Jul '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Why don't we have LP cars since we have so much natural gas here?
Does this qualify?
Oct '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
When the subsidies and grants the Feds give to the battery suppliers et alii are factored in, the Volt is actually subsidized to the tune of about $250,000 per car. We snorkel your wallet and you will like it!
Aug '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Darryl Hannah has an old El Camino
that uses a home brew biodiesel fuel .
Evidently she needs the savings because of the reduced circumstances she lives in .
Maybe she is working on moving to an Occupy site.
She is gassing up the El Camino now for the run to Compton.
Why can't they all be blond and feckless ?
Apr '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
In fairness, if I was down 21 in the 3rd quarter, I might not punt on 4th and 15. Depends on field position.
Love the "cash and clunkers" line but the football metaphor needs work.
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
You'll always get my attention with a sports rejoinder. Fair point. Amended to include field position.
James Jones: In fairness, if I was down 21 in the 3rd quarter, I might not punt on 4th and 15. Depends on field position.
Love the "cash and clunkers" line but the football metaphor needs work. · 31 minutes ago
May '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Hey, I just bought a MINI Cooper and got >35 mpg on my first long trip. Where's MY ten grand?
Mar '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
flownover: Darryl Hannah has an old El Camino
that uses a home brew biodiesel fuel .
Evidently she needs the savings because of the reduced circumstances she lives in .
Maybe she is working on moving to an Occupy site.
She is gassing up the El Camino now for the run to Compton.
Why can't they all be blond and feckless ? · 1 hour ago
Who wants to smell like french fries wherever they go?
Mar '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
It could have been worse, I guess. You could have bought a Yugo.
Q: What do you call a new set of windshield wipers for a Yugo?
A: A pretty good trade.
May '10
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
DocJay: Why don't we have LP cars since we have so much natural gas here?
Does this qualify? · 4 hours ago
Edited 4 hours ago
Well, if yours does then so does mine. Or, we could just build the Keystone Pipeline.
Jul '11
Re: Obama: $10 Billion in Taxpayer Money to Help Rich People Buy Terrible Cars
Andrea Ryan, I do not want to live in a world without trucks. I'm for Keystone and the kitchen sink to get us energy independent.