John McCain Offers Inventor $300m of Your Hard-Earned for New PHEV Battery
John McCain's initial proposal to alleviate pain at the pump: a summer gas tax holiday. With "option A" laughed off the table, the Wall Street Journal reports that McNasty wants a buck from every [documented] American to fund a $300m prize for a killa battery. The money would go to anyone who develops battery technology that can deliver power at 30 percent of current costs. Oh, and it has to have "the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars." Apparently, "from now on, we will encourage heroic efforts in engineering, and we will reward the greatest success." Meanwhile, the Arizona senator suggests toughening fines for CAFE violators, increasing ethanol "incentives" and offering U.S. automakers a $5k tax credit for every zero-carbon emissions car they sell. McCain called current incentives "the handiwork of lobbyists, with all the inconsistency and irrationality that involves." As all of his proposed incentives are offered to automakers (American automakers, at that) rather than consumers, should we expect them to exhibit the same inefficiencies that McCain is railing against? Yes, we should.