According to media reports, Rivian is deep in the red. Last year, they lost $6.8 billion. In 2021, it was $4.7 billion, which is in addition to the $1 billion lost in 2020. These massive losses happened as EV manufacturers enjoyed large subsidies both to build and sell their vehicles. In fact, President Biden went out of his way to praise Rivian in early 2022, even though their stock had already lost half its value on its way to losing 87% of its value since 2021. Losing over $12 billion in less than three years would normally be a problem in the business world, but in the upside-down reality of Biden’s green agenda, that gets you a meeting at the White House.
Tax dollars are flowing from the IRA so quickly that the Department of Energy’s Inspector General (IG) may be running out of adjectives. Earlier this month in testimony before the Senate, the IG said, “the current situation brings tremendous risk to the taxpayers.” Red flags about American dollars flowing to foreign companies or just being wasted here at home are going up, yet according to budget watchdogs, their concerns are met with deaf ears by senior Biden Administration officials. The IG notes there were “billions and billions of dollars lost or stolen” from federal Covid funds, and Biden’s slush fund is even bigger. To put it bluntly, the green vault is wide open and the grifters are lining up.
Here’s a particular galling example. One little known aspect of the IRA are so-called “green banks.” For greenies, the scheme is simple: regular banks will not fund their boondoggles, so they need a taxpayer backed entity to dole out cash. Unlike regular banks, these green banks do not need to make a profit to stay afloat because the government is their funder.
New Mexico Governor Michelle Lujan Grisham was caught trying to set up a green bank without the trouble of going through the elected legislature. The board of the bank will be green non-profits who will be in charge because as the New Mexico climate czar put it, “We’re talking about hundreds of millions of dollars…This greenhouse gas reduction fund is a remarkable little beast.” Recently, Grisham announced the green bank anyway. The slush fund is open for business, and everyone has their hand out.
Congress is watching the “green bank” scheme because they know it is ripe for abuse. The problem is clear: The White House put a political operative in charge of what is nothing more than a political fund. For Barack Obama, they were too big to fail, but Joe Biden is taking it further. When it comes to his failed agenda, his green boondoggles are “too favored to fail.”
Larry Behrens is the Communications Director for Power The Future and is the author of the book, “Sabotage: How Joe Biden Surrendered American Energy Independence.” He’s also appeared on Fox News, Newsmax and One America News. You can find him on Twitter at @larrybehrens or email at larry@powerthefuture.com.