Credits And Debits… And Volts

I marvel at the economic thinking of John McCain. Propose more debits, while continuing to call for no new credits. Will his rich wife pay for all of this?

From McCain Announces His Running Mate — The Chevy Volt by Chuck Squatriglia:

McCain's promised a $5,000 tax credit to people who buy zero-emissions cars, but since there aren't a whole lot of those on the road right now he's offering a graduated tax credit that would apply to lower-emissions cars like -- you guessed it -- the Chevy Volt.

But his biggest initiative is a $300 million prize to whoever creates a first battery with the “the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars.” This prize is twelve times the reward offered for capturing Osama Bin Laden, which has caused more than one would-be mercenary to switch majors from Cave Cinematography to Thermodynamics. Clearly, the presidential candidate who vowed in 2007 to "get him" has found other priorities now that it costs $75 to fill up his Cadillac CTS.

Read the rest here.

I know, I know, this may actually be a good idea. It leaves a bad taste in my mouth, however. I can’t help but think that McCain is doing this as some sort of publicity stunt to call attention to himself. Vote for me and win big prizes.

And I still wonder who will pay for it. The way we’re going it will probably be the Chinese. I doubt it will be either of the McCains.