Progressives Hound Biden To Build Back Better By Executive Order, Starting With Gas
By Mike Shedlock via MishTalk.com
Biden has unleashed a slew of executive orders. More are coming, and they will impact you…
E.P.A. Announces Tightest-Ever Auto Pollution Rules
On December 20, the E.P.A. Announced Tightest-Ever Auto Pollution Rules
The more stringent rule — the most significant climate action taken to date by the Biden administration and highest level ever set for fuel economy — would require passenger vehicles to travel an average of 55 miles per gallon of gasoline by 2026, from just under 38 miles per gallon today.
The Biden administration is expected to lean heavily on executive action and regulations like the new tailpipe rule after the centerpiece of the president’s climate agenda, far-reaching legislation that would have transformed the energy and transportation sectors, was essentially scuttled on Sunday by Senator Joe Manchin III, the West Virginia Democrat who holds the swing vote in an evenly split Senate.
The tailpipe rule, which will take effect 60 days after it is published in the Federal Register and apply to model years 2023 to 2026, is a return of sorts to regulations enacted by the Obama administration in 2012, which required that passenger vehicles sold by automakers achieve an average of roughly 51 miles per gallon by 2025. President Donald J. Trump weakened the standard in 2020 to about 44 miles per gallon by 2026.
Mr. Biden has set a goal for electric vehicles to make up 50 percent of all new car sales by 2030 in order to slash planet-heating emissions and slow climate change. But electric cars are on track to total just 4 percent of American sales in 2021, a hint of the scale of the challenge Mr. Biden faces.
The Stick and the Carrot
One way to reach a goal is by executive order, costs be damned is just outlaw gas. Since that is impractical, the next best thing is to require 100 miles per gallon on average.
Since it 55 by 2026 is the next step 85 by 2030?
The stick is fuel mandates. The carrot is free money.
Build Back Better contained a tax credit of $7,500 for purchasers of electric vehicles, plus an additional incentive of $4,500 if the vehicles are assembled by union workers.
If you give everyone a free electric car, you can get there faster.
Why Stop There?
Good question, and rest assured Progressives won’t.
Progressive Caucus Leader, Rep. Pramila Jayapal (D-Wash.) is moaning in a Washington Post Op-Ed Broken Promises Cannot Deter the Path to Build Back Better.
Nearly a year ago, President Biden laid out his Build Back Better agenda: a broad vision to meet the individual and collective challenges Americans face, necessarily ambitious to address crises both created and exposed by the pandemic. For most of 2021, Democrats worked to pass legislation that realizes that vision. The president negotiated with Congress, including Sens. Joe Manchin III (D-W.Va.) and Kyrsten Sinema (D-Ariz.) directly. Sen. Manchin committed to the president — who relayed that commitment to House members — that he would support the legislative framework unveiled on Oct. 28.
But on Dec. 20, Sen. Manchin went back on his commitment to the president and seemingly killed the bill on national television. In a town where your word is everything, this was a stunning rebuke of his own party’s president.
The Progressive Caucus will continue to work toward legislation for Build Back Better, focused on keeping it as close to the agreed-upon framework as possible. At the same time, we are calling on the president to use executive action to immediately improve people’s lives. Taking executive action will also make clear to those who hinder Build Back Better that the White House and Democrats will deliver for Americans. The CPC will soon release a plan for these actions, including lowering costs, protecting the health of every family, and showing the world that the United States is serious about our leadership on climate action.
Lie of the Month
That is the lie of the month, if not year. The Progressive Caucus and Speaker Pelosi broke 5 or 6 of Manchin’s demands.
- Fully paid budget of $1.5 Trillion – Position since April
- Means-testing child-care subsidies and the child tax credit – Position since April
- Concerned over inflation – Position since April
- No timeline gimmicks of expiring programs to make a fake budget – Position since April
- No paid family leave – Position since April
- No new entitlements that aren’t means-tested or don’t require work – Position since April
Manchin later agreed to $1.7 trillion but all the remaining items were crammed down his throat.
As for executive action, Biden is already on board.
Elizabeth Warren appears to own Biden.
Biden Wilts Under Progressive Pressure, Extends Student Loan Repayment Pause
On December 22, I noted Biden Wilts Under Progressive Pressure, Extends Student Loan Repayment Pause
Once again, president Biden collapses under pressure from AOC, Elizabeth Warren, and the Progressive Caucus.
Asked last week whether Biden intended to extend a payment freeze that’s poised to expire in February, White House press secretary Jen Psaki said the administration has no plans to do so and is instead focused on ensuring a “smooth transition back into repayment.”
“With BBB delayed, Child Tax Credits will expire and student loans will restart within a matter of weeks. Working families could lose thousands of $/mo just as prices are rising,” New York Rep. Alexandria Ocasio-Cortez tweeted Monday. “That alone is reason for @POTUS to act on student loans ASAP – w/ either moratorium or cancellation.” Mr. Biden obliged.
And now, Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren want the Administration to discharge $50,000 per borrower, which would cost the government $1 trillion, according to the Brookings Institution.
On November 15, I noted Biden’s Bank Regulatory Nominee Espouses Helicopter Money and Praises the Old USSR
Persistent Delusion of the Far-Left Yields Inflation, Border Chaos, and Warrenesqe Policy
Earlier today, I noted Persistent Delusion of the Far-Left Yields Inflation, Border Chaos, and Warrenesqe Policy
Warrenesque Policy and Appointments
Omarova presented the biggest collection of bad ideas in one paper for any cabinet nominee in history.
No one should be surprised by this even though Biden is not bright enough to find these Marxist nut cases on his own.
The Progressive wing of the party led by Elizabeth Warren finds them and presents them to Biden.
We are stuck with Elizabeth Warren and the Progressive wing trying to run policy for three more years.
The midterms will change that dynamic but it will not change the Warrenesque appointments and especially executive orders.
What’s Next?
I don’t know but we already have EPA mandates, mask mandates, executive orders on student loans, and executive orders on evictions, with Warren, AOC and the Progressive Caucus Leader calling for still more executive orders.
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(TLB) published this article By Mike Shedlock via MishTalk.com with our appreciation for this perspective.
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About Mike “Mish” Shedlock
Mike Shedlock / Mish is a registered investment advisor for SitkaPacific Capital Management.On my “MishTalk” global economics blog, I write several articles a day on the global economy. Topics include interest rates, central bank policy, gold and precious metals, jobs, and economic reports, all from an Austrian Economic perspective.
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