President Obama on Wednesday advocated increasing federal tax breaks for automobiles that run on electricity or natural gas, plus spending $1 billion to finance recharging stations for electric vehicles in 15 cities, plus $650 million to make electric cars more appealing to consumers. Maybe he forgot that his own budget projects that the federal debt (now at $15 trillion) will increase to $25 trillion in the next decade.
Instead of learning from his failures, the President is doubling down on them. Though his schemes to redirect cash from some economic sectors to those he personally or politically favors have proven ineffective at stimulating the broader economy, he proposes throwing more money down the same hole.
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