Robin Hood in reverse: Biden green agenda raising prices for consumers, profits for Dem donors

Reverse transfer of wealth effects aggravated by new regulatory crackdown on gas cars.

President Joe Biden announced plans on Wednesday to require that two-thirds of all U.S. car sales by 2032 be electric vehicles and impose the “strongest-ever” emissions restrictions on gas cars. Like much of the Biden green agenda, the proposals stand to raise costs for everyday Americans while swelling profits for Democrat megadonors.

A recent CNBC survey found that 58% of Americans are currently living paycheck to paycheck, and 70% feel financially burdened due to inflation, rising interest rates and more. At the same time, the average cost for an EV as of February was around $58,385, according to CarEdge.

Cars are already more expensive than ever. Average monthly payments for new vehicles hit a record high of $730 in the first quarter of 2023, a more than 11% increase year-over-year. As more Americans are pressured into buying EVs, increased demand will only drive those prices higher, prompting responses from Republican lawmakers on behalf of consumers.

“Electrification” is the “road to higher prices” for everybody, said Wyoming Republican Sen. John Barrasso, ranking member on the Senate Energy Committee in response to the 1,475 pages of new rules unveiled Wednesday by the EPA.

Sen. Shelly Moore Capito (R-W.Va.) also weighed in, noting the average cost of an EV was “more than the household income of 46% of American families.”

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