The Trump Administration came out swinging this week against the masters of the current global financial system, represented by new Canadian Prime Minister and former Bank of England head, Mark Carney.
President Joe Biden checks out the Cadillac Lyriq during the North American International Auto Show, Wednesday, September 14, 2022, at Huntington Place in Detroit.. (Official White House Photo by Adam Schultz)
On March 20, the same day we published the article “Worse Than a Bloodbath, Auto Industry Faces Extinction-Level Event,” Biden’s Environmental Protection Agency (EPA) issued its expected new Electronic Vehicle mandate. According to former EPA official Margo Oge, it was the “single most important climate regulation in the history of the country,” It dictates that EV sales must rise to 56% of new-car sales over 2027-2032, and plug-in hybrids rise to 13%.
This is ridiculous when you consider that EVs were only 7.6% of sales in 2023, and that their unsold inventories are now triple the average for all cars. Most American drivers have rejected EVs for good reasons. They can’t afford them despite the government subsidies; the promised charging networks don’t exist; and EVs often become firebombs—among other problems. Hertz CEO Stephen Scherr just resigned when his gamble on EVs backfired—he had vastly underestimated maintenance costs. No wonder that major carmakers have cut back their commitments.
As we wrote earlier, the only way that anything like the EPA’s 56% mandate could possibly happen, would be if Chinese automaker Build Your Dreams (BYD), produced their $14,000 crossover sport utility vehicle in Mexico, and sold it tariff-free into the US. Our auto industry would simply disappear. This is the “bloodbath” for American jobs which President Trump warned about, and which he would prevent as President.
Thus, in January, Biden halted approvals for any new terminals to export US liquified natural gas (LNG). Over the coming days, the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) is expected to alter its Corporate Average Fuel Economy (CAFE) Standards in such a way as to force automakers to manufacture more EVs on pain of possibly billions of dollars of fines. In April, the EPA will issue a rule forcing all US coal-fired power plants to shut down by 2040, or even by 2038.
Some or all of these job- and industry-destroying edicts will probably be struck down eventually by the Supreme Court under its “Major Questions” rule —but how much chaos and suffering, and how many deaths of despair will they cause before that happens?
Is it the high-school and college demonstrators and the other True Believers in the Great Climate Hoax? But tell me—where did these youthful enthusiasts get the raw political power to force Biden to enact these job-killing rules—even at the cost of his reelection?
Founding member of the LaRouche movement in the 1960s. Former editor of LaRouche’s writings and EIR magazine. Regular host of our Saturday class series.
The Trump Administration came out swinging this week against the masters of the current global financial system, represented by new Canadian Prime Minister and former Bank of England head, Mark Carney.