Obama Automotive (National Review, 10.29.09)
Detroit - Fisker Automotive? Call it Obama Automotive.
As part of Washington's effort to remake the U.S. auto industry to fit President Obama's green vision of 1 million electric cars sold by 2015, Vice President Joe Biden announced Tuesday that luxury electric carmaker Fisker would invest $193 million in taxpayer money to buy an ex-Pontiac plant in Wilmington, Delaware. "I refuse to believe that we will not once again lead the entire world in the manufacturing of automobiles," Biden told a friendly UAW crowd. "This factory in Delaware, and the industry, are going to get back up off the mat."
With its pork barrel politics, union favoritism, and massive taxpayer subsidy, the Delaware plant is a case study in Washington industrial-policy boondoggles.
Toys for the rich: Democrats love to huff and puff about expensive weapons systems - but at least those are built for the common defense. Fisker makes cars for well-to-do American greens. The luxury sedan slated to be built at the Delaware facility will sticker for $47,400 (Fisker's press release spun the price as "around $39,900 after federal tax credits." That credit represents a $7,500 taxpayer subsidy per car) - meaning that it will compete against the BMW 3-series and Mercedes C-Class luxury cars. . . .
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