The Electric Car Boondoggle
Electric cars are all the rage. Last Sunday’s New York Times contained a long profile of Elon Musk, the entrepreneur behind Tesla Motors, the startup that has produced about 1,000 electric sports cars. On Tuesday, the news was dominated by the announcement of the sticker price ($41,000) of the new Chevrolet Volt. And late Tuesday, Senate Majority Leader Harry Reid introduced a scaled-back energy bill that promises some $400 million in new subsidies for the electric-car business. That money will be added to the several billion dollars that the federal government has already committed to electric-car development and production.
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