by James S. Soviero
Joe Biden, who continues to look more and more like an economic illiterate, decided on using his POTUS pulpit to bully money managers into betting their clients’ dough on businesses with the same failed, “woke” focus that crashed SVB and Signature banks.
His veto of bi-partisan legislation left the door open for the feds to push retirement funds towards corporations favorably disposed to Leftist Dem’s views on environmental and social justice issues. Those opposed to the veto said it “would allow for the wasteful misdirection of $12 trillion invested on behalf of 150 million Americans.” Given Biden’s fiscal track record, our bet is on the latter-mentioned group getting it right.
In addition to this, we have information on another EV cost surprise. It would seem a scratched or slightly damaged electric battery might be enough for some insurers to total an entire car. There may be no way to repair battery packs after collisions. Those packs can cost tens of thousands of dollars, representing as much as 50% of an EV’s price tag which makes replacing batteries uneconomical.
Matthew Avery, research director at automotive risk intelligence company Thatcham Research said,” We’re buying electric cars for sustainability reasons. But an EV isn’t very sustainable if you’ve got to throw the battery away after a minor collision.”
Writing off one of these vehicles with low mileage raises insurance payments, which are already 27% higher than those on combustion engine models.
But wait, there’s more! Scrapyards filling up with EVs and their batteries are an increasing threat to the environment. Christoph Lauterwasser, managing director of the Allianz Center for Technology, said, “The number of cases is going to increase, so the handling of batteries is a crucial point.” Talk about irony.
These are the kinds of things that happen when we have a cognitively crippled, economically illiterate president, nominally in charge.