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Ron Paul right again: Electric Car Subsidies Transferring Wealth From the Poor to the Rich?

By William La Jeunesse

Published January 09, 2012

Once again, going green has taxpayers seeing red. This time however, billions in federal subsidies for electric vehicles are going those who need them the least: the 1 percent.

According to the CEO of General Motors, the average annual income of buyers of the Chevy Volt is $170,000. Those who buy the luxury electric Fisker Karma or Tesla roadster earn more than $250,000 a year. Yet every wealthy buyer receives a hefty handout from Uncle Sam, adding more than $7,500 to the federal debt for every car sold.

"Politicans love to get in front of something they think is the future, the problem is they do it poorly, they waste money and they just don't have an impact on the overall economy," says economist James Hohman of the Mackinac Center for Public Policy.

Read more: http://www.foxnews.com/politics/2012/01/09/electric-car-subs...