This is beyond the definition of insanity, approaching cosmic delirium.
If derangement can be defined as doing the same thing over and over even if it doesn’t work, the Obama administration is about to go that one better and bring back the spectacular failure of the “Cash for Clunkers” program.
According to Senator Stabenow’s website, her proposed legislation, known as the “Charging America Forward Act” (S.298), “will provide consumers with a rebate worth up to $7500 for plug-in electric vehicles at the time of purchase.”Essentially, if one were to buy a $41,000 Chevy Volt, the buyer gets a $7,500 coupon, so the final price is $33,500. In the end, the auto dealer assumes the risk of the government giving them this tax credit.
It is pretty convenient that Ms. Stabenow, who represents a state where GM is headquartered is pushing a bill that is also supported by Edison Electric Institute, whose president was loaned a Chevy Volt, Eaton Corp: the sole American producer of car recharge systems, and Battery Electric Vehicle Coalition, a lobbying group for the electric car industry.
In fact, Department of Energy’s David Sandalow told Bloomberg News in February the insta-credit would operate the “same way the 2009 ‘Cash for Clunkers’ program worked.”
The Detroit News reported Vice President Joe Biden said at an Indiana battery assembly plant, “You won’t have to wait,’ it would be like the cash-for-clunkers program.”
Why the resurrection of this failure?
Could be that there was a grand total of 281 electric Chevy Volts sold in February. Considering that Government Motors has staked its future on the electric car, don’t be surprised if that $7,500 rebate goes up substantially.