The Biden administration’s push for the widespread adoption of electric vehicles (EVs) as part of its green energy agenda has led to some unintended consequences. Despite the massive subsidies for green technologies, such as EVs, the economy has experienced a significant increase in inflation, reaching its highest levels in 40 years. In response, the Federal Reserve has intervened by raising interest rates, resulting in higher auto loan rates.
Under the leadership of President Biden, auto loan rates for a 60-month term have soared to around 7.36%. This represents a staggering 74.4% increase since the implementation of Bidenomics. As a result, purchasing a vehicle, particularly an EV, has become more expensive and less affordable for many middle-class Americans.
The rise in auto loan rates has had a direct impact on the market for used EVs. Prices for these vehicles have experienced a sharp decline, resembling the collapse of a week-old soufflé. The graph below illustrates this trend, showing the downward trajectory of used EV prices.
[Insert graph showing the decline in used EV prices]
These plummeting prices suggest that the market for used EVs is struggling as a result of the higher auto loan rates. Consumers are either unable or unwilling to pay the elevated borrowing costs associated with these vehicles. This is particularly concerning given the administration’s push for a shift towards electric transportation.
Furthermore, the Biden administration’s emphasis on green energy has attracted criticism, with some labeling it as a “green energy fraud.” John Kerry, a prominent figure in the green energy movement, has faced scrutiny for his involvement in what is perceived as fraudulent practices. Kerry, nicknamed the Heinz Planes Grifter, has been the subject of controversy related to his alleged misuse of private jets for personal travel.
[Insert image of John Kerry]
These allegations only add fuel to the fire of skepticism surrounding the green energy agenda promoted by the Biden administration. While the intention may be to reduce carbon emissions and combat climate change, the unintended consequences, such as inflation and higher interest rates, cannot be ignored.
In conclusion, the push for electric vehicles as part of the green energy agenda has resulted in unforeseen challenges for the economy. The surge in auto loan rates under Bidenomics has made purchasing an EV more expensive, contributing to the decline in used EV prices. Critics argue that the emphasis on green energy is a fraudulent endeavor, with key figures like John Kerry facing accusations of inappropriate use of resources. As the administration continues to prioritize green energy, it is crucial to address and mitigate the unintended consequences that arise.