Steve Forbes, chairman and editor-in-chief of Forbes Media, told Newsmax on Wednesday the United Auto Workers' endorsement of President Joe Biden is a sign of political corruption because Biden's push to make more than 60% of U.S. vehicles electrically powered by 2032 puts thousands of union jobs at risk.
"It is politically corrupt," Forbes told "Rob Schmitt Tonight." "We know of all the other kinds of corruption they've [the UAW] had."
A study released in July from the America First Policy Institute showed that if electric vehicles (EVs) made up two-thirds of the domestic market, "117,000 net auto-manufacturing jobs would be eliminated. About two-thirds of those job losses would come from parts manufacturers. The remaining third would be in final assembly positions. Overall, the Biden administration's policies will substantially reduce auto-manufacturing employment."
"The amazing thing is, that study you just cited, it's not going to be 117,000; it's going to be hundreds of thousands and millions," Forbes said. "The fact of the matter is all those auto companies are going to go bust unless that EV policy is changed.
"The only company that can make money on EVs is Tesla; nonunion, hello? Ford, GM lose tens of thousands of dollars on every EV they make. Be aware; they're going to come with tin cups into Washington. They can't survive this."
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Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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