'Why should the federal government be the lender of first resort to boost the profit of a major Korean company and a major U.S. company? Because the cars they are subsidizing are plug-in electrics.' -TPCarney
“The U.S. Department of Energy’s Loan Programs Office today announced a conditional commitment for a loan of up to $9.2 billion to BlueOval for the construction of three manufacturing plants to produce batteries for Ford Motor Company’s future Ford and Lincoln electric vehicles.”BlueOval, like its parent companies, Ford and Korean company SK On, is a for-profit company that could have lined up financing in the free market.
This is, of course, an acknowledgment that plug-in electric cars are inferior to regular cars, which run on gasoline. If you’re wondering why the Biden administration would be so motivated to back this enterprise, check out this paragraph from the Detroit News: This is corporate welfare. President Joe Biden has been consistent in his support of corporate welfare, especially green-energy corporate welfare. He believes that the government should subsidize big business in the expectation that big business will pass some of that subsidy down to workers and consumers.
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