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By Larry Behrens for RealClearWire
Whereas America struggles to purchase groceries, President Joe Biden has a inexperienced slush fund price billions of {dollars}, and he’s not afraid to make use of it.
Current revelations uncovered that the CEO and lobbyists of Rivian, an electrical car producer, held a quiet meeting on the White Home with Biden’s Local weather Czar, John Podesta.
That’s proper, the identical John Podesta who served as chairman of Hillary Clinton’s ill-fated 2016 presidential marketing campaign earlier than being pulled from the ranks of worthwhile inexperienced consulting to supervise distribution of $369 billion from the Inflation Discount Act (IRA). Biden chosen a political operative with green company ties to dole out the goodies from one of many largest slush funds in historical past. Now inexperienced CEOs who’re hemorrhaging money are beating a path to his White Home workplace, presumedly with hat in hand.
Based on media experiences, Rivian is deep within the pink. Final 12 months, they misplaced $6.8 billion. In 2021, it was $4.7 billion, which is along with the $1 billion misplaced in 2020. These huge losses occurred as EV producers loved giant subsidies each to construct and promote their automobiles.
Associated: Georgia Subsidized Electric Vehicle Company Rivian With $1.5 Billion
In reality, President Biden went out of his way to praise Rivian in early 2022, despite the fact that their inventory had already misplaced half its worth on its way to losing 87% of its worth since 2021. Shedding over $12 billion in lower than three years would usually be an issue within the enterprise world, however within the upside-down actuality of Biden’s inexperienced agenda, that will get you a gathering on the White Home.
Tax {dollars} are flowing from the IRA so shortly that the Division of Vitality’s Inspector Common (IG) could also be working out of adjectives. Earlier this month in testimony before the Senate, the IG stated, “the present scenario brings large danger to the taxpayers.”
Crimson flags about American {dollars} flowing to international firms or simply being wasted right here at house are going up, but based on finances watchdogs, their issues are met with deaf ears by senior Biden Administration officers. The IG notes there have been “billions and billions of {dollars} misplaced or stolen” from federal Covid funds, and Biden’s slush fund is even larger. To place it bluntly, the inexperienced vault is broad open and the grifters are lining up.
Right here’s a selected galling instance. One little identified side of the IRA are so-called “inexperienced banks.” For greenies, the scheme is straightforward: common banks is not going to fund their boondoggles, in order that they want a taxpayer backed entity to dole out money. Not like common banks, these inexperienced banks don’t have to make a revenue to remain afloat as a result of the federal government is their funder.
Associated: Expensive Energy Is A Core Feature, Not A Bug, Of Biden’s Climate Agenda
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New Mexico Governor Michelle Lujan Grisham was caught trying to arrange a inexperienced financial institution with out the difficulty of going via the elected legislature. The board of the financial institution will likely be inexperienced non-profits who will likely be in cost as a result of because the New Mexico local weather czar put it, “We’re speaking about a whole lot of tens of millions of {dollars}…This greenhouse gasoline discount fund is a exceptional little beast.” Not too long ago, Grisham announced the inexperienced financial institution anyway. The slush fund is open for enterprise, and everybody has their hand out.
Congress is watching the “inexperienced financial institution” scheme as a result of they know it’s ripe for abuse. The issue is evident: The White Home put a political operative in cost of what’s nothing greater than a political fund. For Barack Obama, they have been too massive to fail, however Joe Biden is taking it additional. In terms of his failed agenda, his inexperienced boondoggles are “too favored to fail.”
Syndicated with permission from RealClearWire.
The opinions expressed by contributors and/or content material companions are their very own and don’t essentially mirror the views of The Political Insider.
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