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No Need for Biden’s Electric Vehicle Subsidies SHARE President Biden’s infrastructure plan includes $174 billion in subsidies for electric vehicles and charging stations. That would be a waste of taxpayer money because businesses are already pouring billions of dollars into EV research, production, and infrastructure, as noted here. There are already tens of thousands of EV charging stations across the country in places such as Target parking lots. As businesses continue to invest, EV prices will likely come down, performance will improve, more EVs will be bought, and more charging stations will be installed by businesses. There is no need for further government subsidies. ....
However, they don’t, and we’re not. Wages and incomes grow when the demand for labor grows. The demand for labor grows when the rewards for starting and expanding businesses grow. In America, however, we’ve been running the growth machine on rewind. Higher taxes and more regulations penalize expansion and start-ups. The costs are passed on to workers in the form of fewer jobs and lower wages. In “Red Tape Rising,” my colleagues James Gattuso and Diane Katz document the phenomenal growth and cost of regulation. For instance, between 2001 and 2015 the federal government added nearly 50,000 new rules to the books. Economists Mark and Nicole Crain estimated that the annual cost of regulations was $2 trillion in 2012 more money than was collected in federal income taxes that year. ....
Boom, then Bust? February 20, 2021, 8:22 AM·36 min read Well, the S&P may not have done much this week, but there were clear signs and signals that the conditions fueling the current bubble(s) are going to continue and that the bubble(s) themselves are still bubbling away. Elon Musk, in some ways the man of the bubble (I do hope that comment doesn’t disqualify me from some space tourism), got to the point. Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash. “When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a reference to the sub-zero returns on cash caused by negative-yielding debt. The comments pushed Bitcoin to a record on Friday, with prices climbing above $53,000. ....