President Joe Biden’s green agenda for the auto industry is set to shift billions in wealth away from American workers to multinational corporations, a new report from the United Auto Workers (UAW) details.
As part of Biden’s Inflation Reduction Act, automakers producing Electric Vehicles (EVs) and the batteries needed to power them could soon see a windfall of $220 billion by 2031 in the form of taxpayer-funded subsidies.
The subsidies are a result of a provision in the law that allows automakers to take advantage of tax credits so long as their EVs and batteries are primarily sourced in the United States and manufactured in the U.S., Canada, or Mexico.
The plan, though, is set to transfer billions in wealth straight into the pockets of multinational corporations — effectively an industry-wide bailout at the expense of taxpayers.