Posted on 12/10/2018 5:57:38 PM PST by Hojczyk
Subsidies: President Trump's economic adviser Larry Kudlow says subsidies for electric cars and other renewable energy programs might soon be eliminated. That would be a major victory on the road to energy freedom.
National Economic Council chief Kudlow, a well-known free marketeer and supply-sider, said subsidies might disappear as soon as 2020 — interestingly, the next presidential election year. The decision comes after General Motors — the beneficiary of $2,500-$7,000 tax credits for those who buy GM's plug-in cars, not to mention two separate corporate tax cuts — decided to close five North American plants, leaving 14,700 workers without jobs. The move infuriated Trump.
"As a matter of our policy, we want to end all of those subsidies," Kudlow said. "And by the way, other subsidies that were imposed during the Obama administration, we are ending, whether it's for renewables and so forth."
Moreover, the billions of dollars of subsidies and credits don't go to all Americans, but mainly to high-income ones, since electric cars are still highly expensive on average. As the Competitive Enterprise Institute explains, "79% of EV (electric vehicle) tax credits were claimed by households with an adjusted gross income of more than $100,000 a year."
So Americans are subsidizing toys for the rich that aren't necessarily either as economic or clean as advertised.
The same is true of other "alternative energy" subsidies, by the way. We should get rid of them all. They merely distort free energy markets, which will work just fine at delivering the best energy available at the lowest price.
(Excerpt) Read more at investors.com ...
A lovely product to put in charred oak casks for many years and then put in bottles with the name of Jim Beam on the outside. It has no place in my car or trucks gas tank.
Ethanol has ruined many of my small engines for my yard equipment.
Fortunately in Oklahoma you can still buy ethanol free fuel in a some gas stations. I buy it there for use in all my small engines and take it back to Texas. It cost about 20 cents more but is well worth the price.
When they become economically viable they will proliferate.
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