Deficit Commission Co-Chair Erskine Bowles Falsely Claims Social Security ‘Runs Out Of Money In 2037′
Last week, Alan Simpson and Erskine Bowles, the co-chairs of President Obama’s deficit reduction commission, released a report outlining their recommendations for reducing the federal budget deficit. One of their most contentious proposals is to gradually raise the retirement age to 69, a move the co-chairs claim is meant to maintain the system’s solvency.
This morning, Simpson and Bowles appeared on MSNBC’s Morning Joe to discuss their proposals. At one point, Simpson explained his view that balancing the budget would require going “to where the meat is. And the meat is health care, Medicare, Medicaid, Social Security.” Host Joe Scarborough then complained that while AFL-CIO president Richard Trumka attacked the proposals for cutting Social Security, Scarborough said he doesn’t think the co-chairs went far enough (co-host Mika Brzezinski agreed). Bowles then defended their proposal, saying, “What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law”:
SIMPSON: You’ve gotta go where the meat is. And the meat is health care, Medicare, Medicaid, Social Security. Not balancing the books on the backs of poor old staggering seniors to make the damn thing solvent for 75 years.
SCARBOROUGH: We were stunned, Erskine, by some of the things that were said after the commission report came out, saying, “Seniors are going to be thrown out on the street!” I looked at the numbers to be really honest with you, and I didn’t think you moved fast enough on Social Security and Medicare. We calculated that I guess, it was Trumka, who I like very much, Trumka said that this throws old people out. My two year old son Jack will get Social Security at 69. People in their 20′s and 30′s will be just fine.
BRZEZINSKI: In fact, I think you could’ve gone further.
SIMPSON: I know Rich very well. He’s a good egg. He has to say for what he has to say for his membership. But he knows I’m right.
BOWLES: What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law.
Watch it:
Social Security is currently projected to be fully solvent until the year 2037. After that, it is expected to be able to pay out 75 percent of benefits until 2084, which basically equals full benefits, once inflation is accounted for. There is no threat of the program running out of money any time soon — certainly not in 2037. That does not mean that there aren’t positive and progressive changes that could possibly be made to the system.
However, the hike in retirement age that the MSNBC co-hosts and deficit commission co-chairmen are praising would be a very punitive way to ensure further solvency. As a Government Accountability Office report recently obtained by the AP found, “Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work.”
Scaborough may not be entirely wrong to shrug off the possibility of his son Jack retiring at 69, if his son ends up being in the same socioeconomic class as him. Almost all of the gains in life expectancy over the past few decades have been among upper income earners. If current trends continue, middle and lower class Americans will see very little gain in life expectancy by the time the co-chairs plan to hike the retirement age. And “nearly half of workers over the age of 58 work at jobs that are either physically demanding or involve difficult work conditions,” meaning that if those trends continue, blue-collar workers will be hurt particularly hard by raising the retirement age.
Unfortunately, most Americans are not highly-paid TV hosts like Brzezinski and Scarborough.
Best case scenario: the Volt is being sold at cost. The reality: it's being sold at a big loss and the taxpayers that have been footing the bill via the bailout and now via a tax abatement that will cost taxpayers some $42 billion over the next few years and that the media isn't reporting (Detroit News spews Obama propoganda: Feds to recoup $36 billion in bailout money, fail to mention GM receiving $45 billion tax furlough). Evidence that the Volt is being sold at a loss comes on page 4:
Q: How many batteries does the Volt have? What would be the cost to replace them? -- reader Michael DouglasWe can glean some information on the cost from a prior post of mine back in September: Stimulus: Granholm, Obama celebrate giving $368+ million to MI plant to produce $33,000 car batteries. The key snippet:
A: The Volt has one battery pack, assembled in Brownstown Township. It's 5.5 feet long, shaped like a T, and weighs 435 pounds. That battery contains 288 cells. The flat, laminated, 5-by-7-inch cells each weighs a little less than a pound, according to Prabhakar Patil, CEO of Troy-based Compact Power. The cells currently come from LG Chem in South Korea, but Compact Power, an LG Chem subsidiary, will start making them in Holland, Mich., in 2012.
Peterson declined to provide the current cost of the battery. For now, all you need to know is that GM will foot the cost of repairing or replacing the battery during the time covered by the transferable warranty. Once drivers start nearing the end of the warranty, GM expects the battery to cost less than it does today, Peterson said, as the technology becomes more common.
Costs are high. The government has estimated that a battery with a 100-mile range costs about $33,000, ...If that's the government estimate, you know the costs are even higher. Try $45,000. The Volt gets about half that mileage, but we can't just cut the cost in half because 1) the control system has to be there regardless of size, and 2) an active vapor-compression refrigeration system is still going to be operating because of the tremendous heat generated by the batteries when discharging. So for the Volt, the battery cost with supporting subsystems will be around $30,000. As a point of reference, GM is selling the non-hybrid version of the Volt - the Chevy Cruze - at $16,000. That's right - the batteries in the Volt costs twice the entire non-hybrid vehicle. From that, one could estimate that the true cost of producing the Volt is $46,000. Add a profit margin and the Volt should be selling for $50,000, not $41,000. You could buy three Chevy Cruzes for that plus some luxury options on each.
The Volt is being subsidized at least twice by the federal government taxpayer: once at the front end (production - possibly as much as $9,000) and once at the back end ($7,500 purchase tax credit). Only in the world of government is this considered a winner.
Previously:
Sen Carl Levin (D-MI): Chevy Volt (that hasn't sold a single unit, fills up on coal and the feds have to pay you $7,500 to buy one) proves "doubters" wrong
PJM Article: Chevy Volt, Nissan Leaf Actually Get Only 23, 25 MPG
Good grief: COAL-powered 2011 Chevrolet Volt named Green Car of the Year
Nobel Peace Prize given to Obama's expensive, coal-guzzling car that the government has to pay you $7,500 to buy and hasn't sold one unit yet on open market
Detroit Free Press clueless that the Chevy Volt is a hybrid
Video of Granholm: Criticizing the Chevy Volt is un-American!
Top auto supplier CEO: Government too focused on electric vehicles, "ignoring" other technologies
Video: 'The Truth About Cars' Editor Edward Niedermeyer on why the Chevy Volt is a $41,000 electric lemon
That $41,000 price tag for the Chevy Volt? Could be $61,000
Robert Gibbs: Hey - I bet Rush Limbaugh doesn't drive one of those awesome GM F-150s
Granholm to Congress: Put battery incentives in energy bill because it will do for jobs nationally what it did for jobs in Michigan
Obama comes to Michigan, touts money he's giving to KOREAN battery plant to create jobs at $504,667 each
Irony: Michigan touts electric cars for economic growth, but denies permits for power plants to charge them
Detroit News: Buyers won't recoup extra cost of electric vehicles, but electric vehicles will save Michigan's economy or something
Confirmed: Chevy Volt 230 mpg claim is bs
Side-splitting headline of the day: GM touts Volt with 230 mpg city rating (by using Enron accounting methods)
Another Plug-In Hybrid False Mileage/Energy Savings Claim
Government report: electric cars won’t reduce carbon emissions and likely create more
UNTRUE! - Enron Accounting on the 100 mpg Hummer H3
DetNews: 12 projects expected to create 2,900 jobs
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
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The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b> Noticias </ b>: carreras de caballos 12/6/10 - Mile High ReportYour taza diaria de café y naranja azul .... carreras de caballos!
La luz se puede generar el Levante - Ciencia <b> Noticias </ b> Los investigadores crear un lightfoil que introduzca objetos pequeños hacia los lados.
Jabón <b> Noticias </ b> Los días de nuestras vacaciones ' ' Vidas Tierras Big Fish y másLa están saltando en el mundo de las telenovelas, con nuevos personajes que entran y caras familiares que regresan. La semana pasada, se informó que la CBS le dio 'La.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Deficit Commission Co-Chair Erskine Bowles Falsely Claims Social Security ‘Runs Out Of Money In 2037′
Last week, Alan Simpson and Erskine Bowles, the co-chairs of President Obama’s deficit reduction commission, released a report outlining their recommendations for reducing the federal budget deficit. One of their most contentious proposals is to gradually raise the retirement age to 69, a move the co-chairs claim is meant to maintain the system’s solvency.
This morning, Simpson and Bowles appeared on MSNBC’s Morning Joe to discuss their proposals. At one point, Simpson explained his view that balancing the budget would require going “to where the meat is. And the meat is health care, Medicare, Medicaid, Social Security.” Host Joe Scarborough then complained that while AFL-CIO president Richard Trumka attacked the proposals for cutting Social Security, Scarborough said he doesn’t think the co-chairs went far enough (co-host Mika Brzezinski agreed). Bowles then defended their proposal, saying, “What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law”:
SIMPSON: You’ve gotta go where the meat is. And the meat is health care, Medicare, Medicaid, Social Security. Not balancing the books on the backs of poor old staggering seniors to make the damn thing solvent for 75 years.
SCARBOROUGH: We were stunned, Erskine, by some of the things that were said after the commission report came out, saying, “Seniors are going to be thrown out on the street!” I looked at the numbers to be really honest with you, and I didn’t think you moved fast enough on Social Security and Medicare. We calculated that I guess, it was Trumka, who I like very much, Trumka said that this throws old people out. My two year old son Jack will get Social Security at 69. People in their 20′s and 30′s will be just fine.
BRZEZINSKI: In fact, I think you could’ve gone further.
SIMPSON: I know Rich very well. He’s a good egg. He has to say for what he has to say for his membership. But he knows I’m right.
BOWLES: What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law.
Watch it:
Social Security is currently projected to be fully solvent until the year 2037. After that, it is expected to be able to pay out 75 percent of benefits until 2084, which basically equals full benefits, once inflation is accounted for. There is no threat of the program running out of money any time soon — certainly not in 2037. That does not mean that there aren’t positive and progressive changes that could possibly be made to the system.
However, the hike in retirement age that the MSNBC co-hosts and deficit commission co-chairmen are praising would be a very punitive way to ensure further solvency. As a Government Accountability Office report recently obtained by the AP found, “Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work.”
Scaborough may not be entirely wrong to shrug off the possibility of his son Jack retiring at 69, if his son ends up being in the same socioeconomic class as him. Almost all of the gains in life expectancy over the past few decades have been among upper income earners. If current trends continue, middle and lower class Americans will see very little gain in life expectancy by the time the co-chairs plan to hike the retirement age. And “nearly half of workers over the age of 58 work at jobs that are either physically demanding or involve difficult work conditions,” meaning that if those trends continue, blue-collar workers will be hurt particularly hard by raising the retirement age.
Unfortunately, most Americans are not highly-paid TV hosts like Brzezinski and Scarborough.
Best case scenario: the Volt is being sold at cost. The reality: it's being sold at a big loss and the taxpayers that have been footing the bill via the bailout and now via a tax abatement that will cost taxpayers some $42 billion over the next few years and that the media isn't reporting (Detroit News spews Obama propoganda: Feds to recoup $36 billion in bailout money, fail to mention GM receiving $45 billion tax furlough). Evidence that the Volt is being sold at a loss comes on page 4:
Q: How many batteries does the Volt have? What would be the cost to replace them? -- reader Michael DouglasWe can glean some information on the cost from a prior post of mine back in September: Stimulus: Granholm, Obama celebrate giving $368+ million to MI plant to produce $33,000 car batteries. The key snippet:
A: The Volt has one battery pack, assembled in Brownstown Township. It's 5.5 feet long, shaped like a T, and weighs 435 pounds. That battery contains 288 cells. The flat, laminated, 5-by-7-inch cells each weighs a little less than a pound, according to Prabhakar Patil, CEO of Troy-based Compact Power. The cells currently come from LG Chem in South Korea, but Compact Power, an LG Chem subsidiary, will start making them in Holland, Mich., in 2012.
Peterson declined to provide the current cost of the battery. For now, all you need to know is that GM will foot the cost of repairing or replacing the battery during the time covered by the transferable warranty. Once drivers start nearing the end of the warranty, GM expects the battery to cost less than it does today, Peterson said, as the technology becomes more common.
Costs are high. The government has estimated that a battery with a 100-mile range costs about $33,000, ...If that's the government estimate, you know the costs are even higher. Try $45,000. The Volt gets about half that mileage, but we can't just cut the cost in half because 1) the control system has to be there regardless of size, and 2) an active vapor-compression refrigeration system is still going to be operating because of the tremendous heat generated by the batteries when discharging. So for the Volt, the battery cost with supporting subsystems will be around $30,000. As a point of reference, GM is selling the non-hybrid version of the Volt - the Chevy Cruze - at $16,000. That's right - the batteries in the Volt costs twice the entire non-hybrid vehicle. From that, one could estimate that the true cost of producing the Volt is $46,000. Add a profit margin and the Volt should be selling for $50,000, not $41,000. You could buy three Chevy Cruzes for that plus some luxury options on each.
The Volt is being subsidized at least twice by the federal government taxpayer: once at the front end (production - possibly as much as $9,000) and once at the back end ($7,500 purchase tax credit). Only in the world of government is this considered a winner.
Previously:
Sen Carl Levin (D-MI): Chevy Volt (that hasn't sold a single unit, fills up on coal and the feds have to pay you $7,500 to buy one) proves "doubters" wrong
PJM Article: Chevy Volt, Nissan Leaf Actually Get Only 23, 25 MPG
Good grief: COAL-powered 2011 Chevrolet Volt named Green Car of the Year
Nobel Peace Prize given to Obama's expensive, coal-guzzling car that the government has to pay you $7,500 to buy and hasn't sold one unit yet on open market
Detroit Free Press clueless that the Chevy Volt is a hybrid
Video of Granholm: Criticizing the Chevy Volt is un-American!
Top auto supplier CEO: Government too focused on electric vehicles, "ignoring" other technologies
Video: 'The Truth About Cars' Editor Edward Niedermeyer on why the Chevy Volt is a $41,000 electric lemon
That $41,000 price tag for the Chevy Volt? Could be $61,000
Robert Gibbs: Hey - I bet Rush Limbaugh doesn't drive one of those awesome GM F-150s
Granholm to Congress: Put battery incentives in energy bill because it will do for jobs nationally what it did for jobs in Michigan
Obama comes to Michigan, touts money he's giving to KOREAN battery plant to create jobs at $504,667 each
Irony: Michigan touts electric cars for economic growth, but denies permits for power plants to charge them
Detroit News: Buyers won't recoup extra cost of electric vehicles, but electric vehicles will save Michigan's economy or something
Confirmed: Chevy Volt 230 mpg claim is bs
Side-splitting headline of the day: GM touts Volt with 230 mpg city rating (by using Enron accounting methods)
Another Plug-In Hybrid False Mileage/Energy Savings Claim
Government report: electric cars won’t reduce carbon emissions and likely create more
UNTRUE! - Enron Accounting on the 100 mpg Hummer H3
DetNews: 12 projects expected to create 2,900 jobs
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Deficit Commission Co-Chair Erskine Bowles Falsely Claims Social Security ‘Runs Out Of Money In 2037′
Last week, Alan Simpson and Erskine Bowles, the co-chairs of President Obama’s deficit reduction commission, released a report outlining their recommendations for reducing the federal budget deficit. One of their most contentious proposals is to gradually raise the retirement age to 69, a move the co-chairs claim is meant to maintain the system’s solvency.
This morning, Simpson and Bowles appeared on MSNBC’s Morning Joe to discuss their proposals. At one point, Simpson explained his view that balancing the budget would require going “to where the meat is. And the meat is health care, Medicare, Medicaid, Social Security.” Host Joe Scarborough then complained that while AFL-CIO president Richard Trumka attacked the proposals for cutting Social Security, Scarborough said he doesn’t think the co-chairs went far enough (co-host Mika Brzezinski agreed). Bowles then defended their proposal, saying, “What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law”:
SIMPSON: You’ve gotta go where the meat is. And the meat is health care, Medicare, Medicaid, Social Security. Not balancing the books on the backs of poor old staggering seniors to make the damn thing solvent for 75 years.
SCARBOROUGH: We were stunned, Erskine, by some of the things that were said after the commission report came out, saying, “Seniors are going to be thrown out on the street!” I looked at the numbers to be really honest with you, and I didn’t think you moved fast enough on Social Security and Medicare. We calculated that I guess, it was Trumka, who I like very much, Trumka said that this throws old people out. My two year old son Jack will get Social Security at 69. People in their 20′s and 30′s will be just fine.
BRZEZINSKI: In fact, I think you could’ve gone further.
SIMPSON: I know Rich very well. He’s a good egg. He has to say for what he has to say for his membership. But he knows I’m right.
BOWLES: What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law.
Watch it:
Social Security is currently projected to be fully solvent until the year 2037. After that, it is expected to be able to pay out 75 percent of benefits until 2084, which basically equals full benefits, once inflation is accounted for. There is no threat of the program running out of money any time soon — certainly not in 2037. That does not mean that there aren’t positive and progressive changes that could possibly be made to the system.
However, the hike in retirement age that the MSNBC co-hosts and deficit commission co-chairmen are praising would be a very punitive way to ensure further solvency. As a Government Accountability Office report recently obtained by the AP found, “Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work.”
Scaborough may not be entirely wrong to shrug off the possibility of his son Jack retiring at 69, if his son ends up being in the same socioeconomic class as him. Almost all of the gains in life expectancy over the past few decades have been among upper income earners. If current trends continue, middle and lower class Americans will see very little gain in life expectancy by the time the co-chairs plan to hike the retirement age. And “nearly half of workers over the age of 58 work at jobs that are either physically demanding or involve difficult work conditions,” meaning that if those trends continue, blue-collar workers will be hurt particularly hard by raising the retirement age.
Unfortunately, most Americans are not highly-paid TV hosts like Brzezinski and Scarborough.
Best case scenario: the Volt is being sold at cost. The reality: it's being sold at a big loss and the taxpayers that have been footing the bill via the bailout and now via a tax abatement that will cost taxpayers some $42 billion over the next few years and that the media isn't reporting (Detroit News spews Obama propoganda: Feds to recoup $36 billion in bailout money, fail to mention GM receiving $45 billion tax furlough). Evidence that the Volt is being sold at a loss comes on page 4:
Q: How many batteries does the Volt have? What would be the cost to replace them? -- reader Michael DouglasWe can glean some information on the cost from a prior post of mine back in September: Stimulus: Granholm, Obama celebrate giving $368+ million to MI plant to produce $33,000 car batteries. The key snippet:
A: The Volt has one battery pack, assembled in Brownstown Township. It's 5.5 feet long, shaped like a T, and weighs 435 pounds. That battery contains 288 cells. The flat, laminated, 5-by-7-inch cells each weighs a little less than a pound, according to Prabhakar Patil, CEO of Troy-based Compact Power. The cells currently come from LG Chem in South Korea, but Compact Power, an LG Chem subsidiary, will start making them in Holland, Mich., in 2012.
Peterson declined to provide the current cost of the battery. For now, all you need to know is that GM will foot the cost of repairing or replacing the battery during the time covered by the transferable warranty. Once drivers start nearing the end of the warranty, GM expects the battery to cost less than it does today, Peterson said, as the technology becomes more common.
Costs are high. The government has estimated that a battery with a 100-mile range costs about $33,000, ...If that's the government estimate, you know the costs are even higher. Try $45,000. The Volt gets about half that mileage, but we can't just cut the cost in half because 1) the control system has to be there regardless of size, and 2) an active vapor-compression refrigeration system is still going to be operating because of the tremendous heat generated by the batteries when discharging. So for the Volt, the battery cost with supporting subsystems will be around $30,000. As a point of reference, GM is selling the non-hybrid version of the Volt - the Chevy Cruze - at $16,000. That's right - the batteries in the Volt costs twice the entire non-hybrid vehicle. From that, one could estimate that the true cost of producing the Volt is $46,000. Add a profit margin and the Volt should be selling for $50,000, not $41,000. You could buy three Chevy Cruzes for that plus some luxury options on each.
The Volt is being subsidized at least twice by the federal government taxpayer: once at the front end (production - possibly as much as $9,000) and once at the back end ($7,500 purchase tax credit). Only in the world of government is this considered a winner.
Previously:
Sen Carl Levin (D-MI): Chevy Volt (that hasn't sold a single unit, fills up on coal and the feds have to pay you $7,500 to buy one) proves "doubters" wrong
PJM Article: Chevy Volt, Nissan Leaf Actually Get Only 23, 25 MPG
Good grief: COAL-powered 2011 Chevrolet Volt named Green Car of the Year
Nobel Peace Prize given to Obama's expensive, coal-guzzling car that the government has to pay you $7,500 to buy and hasn't sold one unit yet on open market
Detroit Free Press clueless that the Chevy Volt is a hybrid
Video of Granholm: Criticizing the Chevy Volt is un-American!
Top auto supplier CEO: Government too focused on electric vehicles, "ignoring" other technologies
Video: 'The Truth About Cars' Editor Edward Niedermeyer on why the Chevy Volt is a $41,000 electric lemon
That $41,000 price tag for the Chevy Volt? Could be $61,000
Robert Gibbs: Hey - I bet Rush Limbaugh doesn't drive one of those awesome GM F-150s
Granholm to Congress: Put battery incentives in energy bill because it will do for jobs nationally what it did for jobs in Michigan
Obama comes to Michigan, touts money he's giving to KOREAN battery plant to create jobs at $504,667 each
Irony: Michigan touts electric cars for economic growth, but denies permits for power plants to charge them
Detroit News: Buyers won't recoup extra cost of electric vehicles, but electric vehicles will save Michigan's economy or something
Confirmed: Chevy Volt 230 mpg claim is bs
Side-splitting headline of the day: GM touts Volt with 230 mpg city rating (by using Enron accounting methods)
Another Plug-In Hybrid False Mileage/Energy Savings Claim
Government report: electric cars won’t reduce carbon emissions and likely create more
UNTRUE! - Enron Accounting on the 100 mpg Hummer H3
DetNews: 12 projects expected to create 2,900 jobs
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
bench craft company rip off
Denver Broncos <b>News</b>: Horse Tracks 12/6/10 - Mile High Report
Your daily cup of Orange and Blue Coffee....Horse Tracks!
Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
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Light Can Generate Lift - Science <b>News</b>
Researchers create a lightfoil that can push small objects sideways.
Soap <b>News</b>: 'Days of Our Lives' Lands Big Fish and More
The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.
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