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Obama wants to increase free money subsidy for the rich.

Obama is showering some of the wealthiest families in the US population with free money to buy a Chevrolet Volt. Obama will give $10,000 to each person who buys one of the $50,000+ dollar car. Currently, Chevy Volt buyers are only getting a mere $7,500 of your tax dollars.


The new subsidy level represents a 33 percent jump from the current $7,500 government payout for each Volt buyer, even though the Volt’s buyers are already among the wealthiest Americans. It will be offered to buyers of any new-technology autos, including battery-powered autos and cars powered by natural gas, said a White House official.

The extra money for wealthy buyers will be borrowed funds, eventually paid off by future taxpayers in all income brackets.

Pennsylvania Republican Rep. Mike Kelly, who owns a Chevy dealership, has already introduced legislation to end the auto subsidies. “The nation is $15.2 trillion in debt and climbing, so we’ve got to be a lot more careful about how we spend the money,” he told The Daily Caller in January.

The bill, he said, will also help citizens recognize the money-losing crony-capitalist deals between Democratic legislators and business interests, such as Chevy, he said. “How do we get this crony capitalism across to the voters? We tell them, ‘Folks, this is your money, not the administration’s money. … It’s being thrown around by this president. … It’s not a good investment, and there’s no positive return on it.”

For example, even with the $7,500 rebate for each buyer, Chevy sold only 7,671 Volts in 2011, far below the target of 10,000 earlier touted by company officials. Last month Nissan made the 10,000th sale of its all-electric Leaf model.

The average income of the Chevy Volt’s buyers is $170,000 per year, according to General Motors CEO Dan Akerson. “Some of them — I think roughly half — are either [Toyota] Prius or BMW owners,” Akerson said in a Dec. 16 interview with the Associated Press.

That high income puts the Volt’s buyers in the top 7 percent of households, according to census data, and slightly above the rankings held by households with BMWs, Lexuses or Cadillacs.

The average income of BMW buyers is nearly $170,000, according to a May 2010 article in Bloomberg Business Week.

Cadillac buyers earn almost $130,000, and Lexus buyers take home an average of $141,000. Only Mercedes-Benz drivers earn more than Volt drivers, an average of $174,000 per year.