President Joe Biden’s electric car policy is mistaken, because it is too expensive, does not play to the strengths of the United States and bolsters the nation’s enemies, Trump administration chief economic adviser Larry Kudlow said on Sunday.
Speaking on “The Cats Roundtable” radio show on WABC 770 AM hosted by John Catsimatidis, Kudlow said, “I’m not opposed to electric cars. Or battery-driven cars… I am opposed to the US government doing it as a central-planning measure.”
He stressed that “any efforts we make to move towards electric automobiles and/or an electric grid by staying away from natural gas will come from China, because China has roughly 95% of the rare earth’s minerals market necessary to go into net-free admissions type stuff.”
Kudlow said that this leads to the abusrd situation where the U.S. is rewarding Beijing, saying that Biden’s policy, “has tremendous national security and military security implications, because we are strengthening our enemies. We are not strengthening America first, so I don’t think this is well thought out.”
Instead, Kudlow said, the government “should let 1000 flowers bloom. The Green New Deal utopians want to have it their way. They want to end all fossil fuels and somehow go to net-zero emissions.”
But Kudlow emphasized, “Why not play to our strength in America? We have tremendous natural gas [reserves] , which have brought carbon emissions down 25% since 2005. The fracking miracle. We have oil. We have clean-burning coal.… Why not have an all-of-the-above policy? Instead of jamming down this Green New Deal policy, for which we are not prepared."
He emphasized that Biden’s policy is going to be very costly, because electric cars are very expensive and maintaining the system is very expensive, pointing out that “it’s the middle and lower middle class that will suffer the most, because their electric power will be more expensive in their homes and in their businesses. And their automobiles will be more expensive.”
Kudlow said that such central planning by a government is completely unneccesary, because the economy is in good shape, with “one million new jobs created in each of the last two months… We have a jobs boom. We have an economic boom. We have too much inflation. We don’t need another $5 trillion spending package, which is going to damage inflation even more."
He said that the markets and free enterprise should be allowed to flourish, stressing that “we’re not going to tax our way into prosperity” and that “it’s time for the Fed to taper down some of their stimulus.”
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