You can’t blame Joe Biden for being bold. After destroying the value of the US dollar by making prices 19.3% higher than when Donald Trump left office, he led the economy to the toughest “soft landing” imaginable. Now Bidennomics is making the bold move to move even more US manufacturing jobs overseas – to China.
One of Biden’s signature policies, huge tax credits for electric vehicle purchases, has a China-style loophole: Congress, in keeping with the pseudo-religion of climate alarmism, wrote the law intending these credits to apply only to American-made electric vehicles, but Biden had other plans.
For Democrats, preventing climate change tomorrow is simply more important than ensuring American prosperity today.
The Biden administration is giving tax credits to EVs, even though many of their key components, especially batteries and rare minerals, are imported directly from China. To make matters worse, if you lease an EV instead of buying it, there are virtually no restrictions on where those parts come from.
As you might expect, the percentage of EVs leaving factories that are leased has soared from 10% to 30% to take full advantage of this pro-Chinese Communist Party loophole. Exporting jobs instead of products is a classic example of Biden economics’ passion.
Some Democrats recognize the dangers of Biden’s expansion of power. Sens. Sherrod Brown (D-Ohio) and Joe Manchin (D-Indiana, W.Va.) criticized Biden’s executive rulemaking just a few weeks ago. Their aim is to achieve the original intent of the law and block these Chinese imports. The pressure seems to be working, at least a little. The administration has tried to narrow loopholes for Chinese EV parts imports, but unfortunately, Biden remains committed to dangerously disastrous energy policies.
America’s energy industry, and especially our gasoline-powered vehicles, are the foundation of our nation’s prosperity. So this latest wave of attacks on the foundations of our way of life should come as no surprise. In fact, it’s part of the Biden Administration’s long-standing goal of economic reform.
For example, President Biden has approved over $1 trillion in subsidies for the purchase of EV vehicles over the next decade. And this is just the tip of the iceberg. This administration has made numerous aggressive attempts to shut down the production of traditional energy resources and block the production and sale of technologies that provide the conveniences of modern life, such as gasoline-powered cars, natural gas stoves, and many other household appliances.
These subsidies alone will take more than $7,500 away from American households, fueling the fires of inflation and driving up interest rates on mortgages and small business loans even further.
For Democrats, halting climate change tomorrow is simply more important than ensuring American prosperity today. It doesn’t matter that the government’s own climate models find that if the U.S. were to achieve net-zero greenhouse gas emissions overnight, global temperatures 76 years from now would remain essentially unchanged.
“This decision to approve these subsidies into law makes it clearer than ever that promoting the welfare of American families is not a priority for the Biden Administration. These subsidies are funded by American families’ hard-earned money and funneled to companies that prioritize catering to unelected bureaucrats and the Chinese Communist Party over making quality products.
If the Biden administration continues on this path, it may be forced to make a hard choice between the false religion of the climate crisis and the integrity of its political coalition. Boldness alone has its limits.
