I like to think of the Chevy Volt as one of the clearest examples of what is wrong with the Obama presidency. In order to pay for this car that very few people want, Obama has put the taxpayer on the hook no less than four times for this unpopular vehicle. Here’s how:
1) Obama gave the company LG Chem $150 million of your and my money in the form of a GRANT (read “free to them”) to manufacture the batteries for the Volt. Seriously, you have to read THIS about what an abject failure the plant is because of lack of demand for the Volt.
2) It costs, what, a million bucks (hyperbole, folks, hyperbole) to built one of those toaster ovens? They are being sold and leased tremendously under cost (sold at a little over half the cost of what it costs to manufacture it, leased at outrageously low cost), each one at a huge loss to GM. The loss (negative profit) created on each of these vehicles is then spread out over the purchase price of the other vehicles that most people actually WANT to buy. Not only is the cost of their new vehicle now more than it would have been, they have to pay more taxes on the increased cost of the vehicle. HERE is a nice article dissecting the math for us…
3) The Pentagon is buying the Volt to prop up the miserable sales. I’m sure they’re being forced to in an effort to green up the military, as well as to help the Volt not look like the taxpayer funded Obama debacle that it is. Does it come in camouflage? Where does the Pentagon’s money come from? Yes, dear fellow taxpayer…from your wallet.
4) When purchased, the Volt comes with a $7,500 tax credit! Money taken right out of the treasury in order to bribe someone to buy a car that is worth twice what they are going to pay for it. ARGHHHH!!!
And there’s still the matter of the bailout that GM received from We The People. Technically they have paid back the bailout money, as was outlined in the agreement. But even though they have met the terms of the agreement, the stock that was used to pay a large amount of the bailout money back isn’t worth enough to equal the money given to them. So technically, the Volt has cost us FOUR times at least. You can read about that HERE.
I think that if I thought about it long enough, I could come up with half a dozen less direct ways this car costs us, but I will stop at four/five.
In whose universe is this good policy and a good way to spend our hard earned tax dollars (rhetorical non-question). For shame.