Bam’s bad karma
The legendary test drivers at Consumer Reports this week got their hands on a $107,000 dream machine — the Fisker Karma, an electric sports car that goes zero-to-60 in the blink of an eye.
Trouble is, the car conked out faster than you can say “lemon.”
“We buy about 80 cars a year and this is the first time in memory that we have had a car that is undriveable before it has finished our check-in process,” noted CR, which had to call a flatbed truck to tow the brickmobile away.
It wouldn’t be much of a tale, except for one thing: The clunker was created by a company that’s been feasting on your tax dollars — specifically, a $529 million green-energy loan guarantee from Team Obama.
The Energy Department provided the loan as a prop for the failing electric-car industry, on top of a $7,500 tax credit to anyone who buys an electric vehicle.
But who’s taking that tax credit — economy-conscious middle-class families worried sick over the steadily rising price of gasoline?
Not at all: The Obama cash infusion is intended to cushion the wallets of people wealthy enough to blow $100,000 on what has turned out to be yet another green-inspired, but fundamentally defective, toy.
These are people who by no means need public subsidies.
That is, the president is redistributing wealth — to the wealthy.
Consumer Reports wasn’t the only buyer with bad Karma: Fisker has had to recall the car twice since December, after owners complained of a litany of troubles, including complete blackouts (headlights, dash and all) while driving at night.
Even more appalling, Fisker took its half-billion-dollar DOE loan — ostensibly meant to create jobs in the US — and ran with it to Finland, where it assembled its fleet with Finnish labor.
Last year, Fisker announced plans to build a new vehicle at a plant in Wilmington, Del. — but the firm just laid off 26 workers at that factory in February.
Wonder what the president thinks of all this? Obama promised 1 million electric vehicles on the road by 2015. On the other hand, he didn’t say if any of them would work.
Looks like “no” in both cases.
Wonder how much the company's owners got in performance bonuses? We could nickname the car Solyndra or how about Fisker Dogma? But where does the federal government get off spending the average person's tax dollars to help better-off-than-average Americans buy expensive new cars?
We've had the electric hybrid Chevy Volt - $41,000 ... that's a four-seat hatchback for about the base price of a BMW 335i. With a $7,500 federal tax credit that cuts it to $33,500, and electricity is cheaper per mile than gas. But it would take more than a decade to offset the higher purchase price.
And there was Nissan's all-electric Leaf (likely sticker price $33,000) and Tesla's $100,000 all-electric Roadster. There's $2.4 billion in stimulus money for electric-car component factories, such as a Volt battery plant in Holland, Mich., whose groundbreaking the president attended in July. And the Energy Department has loaned hundreds of millions of dollars to Ford, Nissan, GM, Tesla, and Fisker.
You might call the president's subsidies limousine liberalism ... if only the cars were bigger. But in the final analysis 0bama's electric car subsidies are unaffordable at any speed.