At the start of Biden’s presidency, he threw a lot of money at “green” technology. He vowed to end fossil fuels and force Americans to switch over to “renewable” fuel sources. Companies jumped at all that federal money and tax cuts, betting that the American people would gladly open up second mortgages to afford electric cars and solar panels.
Turns out, they bet on the wrong horse. Biden’s green agenda has crashed and burned, largely thanks to the recession he triggered with runaway inflation.
But one red state also gambled on Biden’s green dream. They gave an electric car company a huge break so it would build a factory and “create jobs.” But now, that company is facing a big problem. And residents are in big trouble.
Taxpayers could be on the hook if electric vehicle (EV) manufacturer Rivian fails to resume progress on its multi-billion dollar Georgia plant.
Rivian announced on March 7 that it would be pausing construction on its $5 billion manufacturing plant that is supposed to be built just east of Atlanta, Georgia, worrying lawmakers and taxpayers in the state that the plant may never be built. However, local authorities had given the company up to $1.5 billion in subsidies and tax incentives with the expectation that Rivian would bring in jobs and tax revenue. [Source: Daily Caller]
As Biden’s EV scheme crashes and burns, car makers who bet on Joe are losing billions. Ford and other car companies have cut back on their EV plans. But Rivian only makes electric vehicles. The crash in the EV market is killing them.
Now, they are announcing they are pausing the building of a $5 billion factory in Georgia. The Republican-led state gave the company a $1.5 billion gift in subsidies and tax incentives, meaning taxpayers loaned Rivian that much money. All with the expectation that they’d get that back many times over when the factory brought money and jobs to the state.
Instead, Georgia residents might be out a cool $1.5 billion—because the state thought Biden knew what he was doing.
Rivian claims it has not abandoned the project, but it doesn’t look good. Georgia officials are panicking and looking for ways to hold the company accountable. This is happening everywhere that lawmakers followed Biden’s doomed EV plot.
Rampant inflation made it impossible for Americans to consider buying new cars (especially as car prices skyrocketed post-COVID). Most Americans are struggling to afford cheeseburgers. They are certainly not thinking about buying electric cars, solar panels, or any other green technology. For Georgia officials to gamble on a lesser-known EV company (which has lost a total of $5.1 billion over the last two years) is unacceptable.
Author: Kit Fargo
