On Wednesday, President Obama announce that the federal government will purchase the first 100 electric cars that roll off an American assembly line. Currently, that appears to be the Chevy Volt which is reportedly going to carry a price tag of $40,000. So in addition to the $60 Billion that the public has paid to keep GM afloat, which means the taxpayers own about 60% of the company, the taxpayers are going to be forced by the chief executive to purchase it’s own cars to the tune of another $4 Million. What’s next?
The real question is – who is doing the negotiation here. Really, maybe the majority of Americans don’t want the floormats, but the navigation system is a must. And then who gets the profits? And will we be taxed on 60% of the profits that GM makes?