Friday, December 23, 2011

ObamaCar Sticker Shock: Taxpayers Taken For A Ride

A think tank crunches the subsidy and bailout dollars and puts the true cost of Government Motors' electric car at a cool quarter-million. And the few sold have been largely bought by the 1%. At a time when Democrats are blaming the GOP for blocking a payroll tax cut deal that will add $40 in the average paycheck, they have no problem taking that worker's tax dollars to make and subsidize what we once called an electric Edsel bought by a precious few with an average income of $170,000. "Each Chevy Volt sold thus far may have as much as $250,000 in state and federal dollars in incentives behind it — a total of $3 billion altogether, according to an analysis by James Hohman, assistant director of fiscal policy at the Mackinac Center for Public Policy. Actually that amount could be higher if you prorated the cost of the government bailout and takeover of General Motors. His analysis included 18 government deals that included loans, rebates, grants and tax credits...more

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