Joe Biden thought he scored a rare win for his Presidency.
But his victory lap was short-lived.
And Joe Biden just suffered a massive defeat that he never saw coming.
The centerpiece of Joe Biden’s misnamed $700 billion Inflation Reduction Act is a slimmed down version of the Green New Deal.
Democrats earmarked $369 billion for green energy giveaways in the bill to advance Biden’s radical environmental agenda.
The Biden administration has been pushing impractical electric vehicles on Americans as the solution to the high gas prices their socialist spending and anti-fossil fuel agenda created.
In fact, Democrats buried a $7,500 tax credit towards the purchase of a new electric vehicle deep within the Inflation Reduction Act.
Regime officials touted the tax credit as a way to bring down the cost of electric vehicles for average Americans.
But General Motors and Ford just threw a monkey wrench into Biden’s electric vehicle scheme.
Just as the new electric vehicle tax credit is about to become law, the automakers announced major price increases for popular electric vehicles.
Ford announced price hikes between $6,000 and $8,500 for its electric vehicle lineup due to “significant material cost increases and other factors.”
The F-150 Lightning Pro truck, one of Ford’s most popular electric models, is slated to increase from $39,947 to $46,974.
The $7,000 jump in price wipes out almost all of the savings drivers would have received from the electric vehicle tax credit.
General Motors’ electric Hummer is increasing in cost by $6,250, with the company citing supply chain issues for the jump.
Rising prices, a feature of the Biden economy, are erasing any savings that drivers would have received from the Inflation Reduction Act’s highly touted electric vehicle tax credits.
Across the board, manufacturers of electric vehicles are raising their prices and making these novelty items even more unaffordable for most Americans
The average price of an electric vehicle is almost $67,000, which is well above what a comparable vehicle with a gasoline powered engine would cost.
While Americans suffer under high gas prices created by Joe Biden, his regime is telling Americans to buy these impractical luxury items.
“The more pain we are all experiencing from the high price of gas, the more benefit there is for those who can access electric vehicles,” Transportation Secretary Pete Buttigieg told a House Committee last month.
The Biden regime is completely out of touch with normal Americans.
With electric vehicles unaffordable and hard to find due to the supply chain crisis, Joe Biden’s scheme to force Americans into them hit a major snag.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.