I’ve been reliably told that we will all save money for Doing Something about Hotcoldwetdry. At some point. They won’t say when. The Wall Street Journal takes a peek
The Cost of Biden’s Climate Tax Credits Is Soaring
President Biden’s 2022 climate law is driving faster-than-expected growth in electric-vehicle purchases and clean-energy projects, doubling the projected cost to taxpayers while potentially accelerating emissions reductions.
Of course, companies pushing EVs are losing billions, and, because demand has dropped off by at least 50%, they are laying workers off and retooling, rethinking, and reducing production.
The Congressional Budget Office this week bumped up its projection of the law’s climate tax credits through fiscal year 2033 by $428 billion, putting an official stamp on what public and private analysts had been saying for the past year. The law, known as the Inflation Reduction Act, is expected to spur up to $3 trillion in total public and private investment over the next decade.
The CBO’s increase is driven by a flood of clean-energy factory announcements , proposed environmental regulations that would push more buyers to electric vehicles and rules allowing leased electric cars to qualify for generous tax breaks with fewer restrictions. The list of corporate investment pledges got bigger on Tuesday, when Toyota said it is spending $1.3 billion to expand EV production at a factory in Kentucky.
When enacted, the IRA was expected to include $271 billion in tax breaks over a decade, though that can’t be compared directly to the $428 billion increase. The CBO said this week that the IRA’s budgetary effects are still highly uncertain.
Realistically, this is benefitting the people who are mostly purchasing EVs, who typically make between $150K to $300K a year. Rich folks mostly do not purchase them, except as a “fun” car, like those super expensive Porsche EVs. The rich stick with large, expensive, fossil fueled vehicles. What’s the true cost?
(Townhall) The CBO explained that technical revisions resulted in substantially higher projections, most of which ($224 billion) arose from clean vehicle tax credits and revenues from excise taxes on gasoline. Of that total, $151 billion came from reductions in projected revenues, and $73 billion came from increases in projected outlays. Apart from the cost of Biden’s climate initiatives, the CBO report didn’t lend a positive outlook for the nation’s economy.
The CBO projected that the nation’s deficit would steadily mount, reaching $2.6 trillion in 2034 from $1.6 trillion this fiscal year. In relation to GDP, the deficit is projected to reach 6.1% in 2034. The CBO said that these deficit levels were similar to those experienced during some of the greatest national crises.
What it means is that this will cost taxpayers, most of whom neither want an EV or can afford one, or just are too much of an issue for their lives, over $800 billion. And this is just the EV portion of Biden’s climate law, which was supposed to be about inflation reduction, if you remember.
YES! GO ISRAEL!! Israel rescues two hostages from Rafah amid deadly strikes | 7 News Australia (video)
https://commoncts.blogspot.com/2024/02/yes-go-israel-israel-rescues-two.html
Except, of course, the Associated Press, in reporting on the two hostages rescued, wrote their story to make readers think that the price of rescuing the two hostages, at least 67 Palestinians killed, was too high. The supposed total casualties among the Palestinians, 28,340 killed, is way, way, way too disproportionate to the number of Israelis killed, 1,200, on October 7th.
To be fair, those “Palestinians” were going to die anyway because they were in Hamas amid the war they started against Israel. Rescuing the two hostages was a side benefit.
Disproportionate casualties in war is how you know you are doing it right.
That’s not nearly enough dead Palestinians. They’re slipping.
Hey H! Hey Chicken Little Man!! Tell us again how great EV’s are doing….
ITEM 3: NYT reported, “Ford Reports Quarterly Loss but Says Sales Grew.”
The story said, “The division of the company that makes gasoline and hybrid vehicles earned $813 million before interest and taxes in the fourth quarter, and its commercial vehicle division made $1.8 billion. The unit that makes electric vehicles lost $1.6 billion.”
EV sales have gone up every year in the USA. The manufacturers who entered the market 5 years after Tesla are learning that mistake. It will probably take them years to catch up to Tesla.
The Mod Y Tesla was the #2 selling passenger car model in the USA in 2023. It was outsold only by the Toyota Rav 4 @ 435k sold to 400k Mod Y sold. It takes time to learn how to build an EV, especially the software. All the other manufacturers, and all manufacturers are building EVs, are having to pay catch up to Tesla. Probably other manufacturers will lose money for years. Tesla was unprofitable for years even as it’s stock “skyrocketed'” in value Tesla was unprofitable for 27 years first becoming profitable I n 2020
Last year it had profits of 15 billion
Did you miss this?
Hey H! Hey Chicken Little Man!! Tell us again how great EV’s are doing….
ITEM 3: NYT reported, “Ford Reports Quarterly Loss but Says Sales Grew.”
The story said, “The division of the company that makes gasoline and hybrid vehicles earned $813 million before interest and taxes in the fourth quarter, and its commercial vehicle division made $1.8 billion. The unit that makes electric vehicles lost $1.6 billion.”
If they had profits of $15 billion why did we give them over $3 billion in subsidies?
Plus, they do a very interesting job of burying all the subsidies from feds in the states and mixing it all around so that’s difficult to actually get a real number. One website says they got $465 million from Nevada alone. Over the course of 27 years they got over $250 billion. Does that include federal and state subsidies? It’s the usual cluster screw that the federal government gives everybody that tries to find out the truth you could file a Freedom of Information act request and you’ll get nothing but chop suey back.
We gotta get the government out of collusion with businesses. It’s bad enough that they get tax breaks now they’re actually giving them cash. Tax breaks I can live with that’s just money they’re not paying that they would have but reaching into our wallets and taking our hard earned cash is another story.
I realize that the people like H and Elwood as long as the billionaires and millionaires that are still in our money are Democrats and Democrat fundraisers it’s all OK but it really isn’t. I know they look at that and think that they’re little machine moving us ever forward into fascism is working but it’s not a good thing. At least not for the people of america.
The cost?
86% of Americans.
Lol
Teach is your point that the smarter richer people want to own Teslas?
Is the average income if a 50000$ Tesla significantly different from the buyer of another 50000$ car?
Are you seeing cluster sales if Tesla’s among the triangle where all those new highly educated people are moving to?
H
Is the average income if a 50000$ Tesla significantly different from the buyer of another 50000$ car?
The point is not that high income people buy high priced cars… It is that EV’s are so high priced that only the wealthy can afford EV’s.
And yet we’re giving the buyers and the manufacturers tax breaks and subsidies.
The average price of a Tesla 3 is no more than the average price of a new gas F150 (the most popular new vehicle in the US).
The tax breaks afforded EV buyers offset some of the environmental harms from gas powered cars which have been subsidized for decades. It’s that whole negative externality thing.
How about used cars, genius?
That’s what most people can only afford these days thanks to Brandonflation.
EVs are an expensive toy.
#LGBFJB
#Trump2024-HeRemembersStuff
Bwaha! Lolgf
Elwood you gotta stop reading all the propaganda and believing it. The EV market is down so badly they’re stuck with 150,000 EV cars they can’t sell. That’s last year’s model we haven’t even gotten to the 2024 models yet.
You should try reading the car magazines and the money magazines they tell you basically the EV truth as far as they can snort it out. Or you could have some friends in the business like us regular people do.
Global EV sales hit new record in November – Rho Motion
By Nick Carey
December 12, 2023 8:11 AM CSTUpdated 2 months ago
LONDON, Dec 12 (Reuters) – Global sales of battery electric vehicles (BEV) and plug-in hybrids (PHEV) rose 20% versus a year ago as strong growth in North America and China offset lower sales in Europe, according to market research firm Rho Motion.
Sales of BEVs and PHEVs hit a fresh monthly record of 1.4 million units, up from 1.1 million in November 2022.
“Sales have continued to rise despite a lot of negative sentiment in the market and we’re expecting sales to remain strong in December,” data manager Charles Lester told Reuters.
After years of accelerating growth, some automakers fear that electric car sales in Europe and elsewhere could be heading for slowing demand as drivers wait for better, cheaper models that are two to three years down the road.
Globally, BEVs made up 70% of sales and PHEVs made up the remaining 30% in November, Rho Motion said.
China posted a 25% increase in sales and were up 43% in the United States and Canada, while Europe saw sales drop 3% versus the same month in 2022.
Brilliant.
How are you going to charge those vehicles with Biden cutting natural gas and the world blockading Russia’s sale of natural gas due to war?
It is only in a Democrat-fueled world led by IRAN and their terrorist agenda that MS-13-backing Democrats think building more CHEAP CHINESE EVs is a solution to something.
3 Drivers of China’s Booming Electric Vehicle Market….HARVARD BUSINESS REVIEW
In the end it always comes back to AGW.