President Biden is determined to make your commute as much of a nightmare as he possibly can. Not only did he sign an executive action to make gas prices go up, but he has also taken action to raise the price of buying a car. This price hike comes in the form of radical increases to the national fuel economy standards. These standards were first established in 1975 when alarmist scientists believed America was running out of oil.
Sadly, the regulations did not end when the panic did. Since that time, private car manufacturers have been required by law to spend untold millions of dollars making sure you get a certain standard of gas mileage for any new car you purchase. That might sound great, but studies have shown that the money you save on gas will never outpace the extra money you spend on the car in the first place. In short, consumers get the short end of the deal and car manufacturers do not do much better.
President Trump wisely rolled back an Obama-era policy to increase fuel economy standards by 5% every year through 2025. President Biden reinstated the Obama policy, which is estimated to cost Americans an extra $3,000 on any new car they buy. If you aren’t a new-car buyer, you will still be affected. As fewer and fewer consumers can afford to buy the overpriced new cars, more will look to the used car market, thus pushing prices up across the board.
Democrats claim to care about the poor and middle class, yet they see no problem raising the price of new and used cars by thousands of dollars. Is Joe Biden so out of touch that he does not see who will be hurt worst by his policies? The poor people who just need a car to get them from point A to point B are going to be hurt by this government interference.
If demand is up for more fuel-efficient cars, let the free market push companies to innovate. Whenever the government steps in to control the market, higher prices and inferior products are always the result.
