Vice President Kamala Harris has frequently said she would build a “strong middle class” if elected, even as the Biden-Harris administration is pushing for an electric vehicle mandate that one economist says is inconsistent with most U.S. The middle class is inconsistent. [emphasis, links added]
“I believe we need to grow the middle class and make sure our economy works for everyone, for the neighbors I grew up in and for the hard-working Americans I meet every day across the country,” Harris said on the campaign trail. moon.
“When we invest in those areas that strengthen the middle class — manufacturing, housing, health care, education, small businesses and our communities — we grow our economy and help the entire country succeed.”
After becoming the Democratic presidential candidate, Harris said she did not support an electric vehicle mandate. However, the Biden-Harris administration is currently pursuing a policy that economists say is unrealistic for the middle class.
“We know from the facts that the middle class is rejecting electric cars. There are many reasons for this [and] But one of the reasons why the trend toward electric vehicles is shifting is cost. These are $80,000 cars,Stephen Moore, economist and senior visiting fellow in economics at the Heritage Foundation, told Fox News Digital.
In March, the Environmental Protection Agency (EPA) announced a final rule setting new emissions standards under the Clean Air Act, It is required that by 2032, electric vehicle sales account for two-thirds of new car sales.
According to the EPA's final rule, the new standards will affect “light vehicle manufacturers, independent commercial importers, alternative fuel converters, and manufacturers and converters of medium-duty vehicles.”
The rule provides a tax credit of up to $7,500 for qualifying purchases, but Moore said Even with tax credits, electric cars 'still unavailable' [middle-class Americans’] Price range.
“The idea of forcing people to buy $75, $80 to $90,000 cars means If these regulations continue, many Americans will not be able to afford cars,” he said.
Moore added that the Biden-Harris administration mandate that the House voted to reject in September would make cars unaffordable for the middle class.
Recent surveys show that most middle-class Americans don't currently plan to buy an electric vehicle.
“Electric cars are cars that the rich can afford, but in most cases the middle class cannot afford them. Their requirement is that eventually 65% of cars will be electric, but only half the number of people want to buy electric cars. This means There will be a shortage of gasoline cars, which are affordable to the middle class.” Moore said in an interview with Fox News Digital.
The average cost of an electric vehicle will be more than $56,000 as of September 2024, according to car appraisal firm Kelley Blue Book.
According to data provided by the U.S. Census Bureau through the Federal Reserve Economic Data (FRED), the average income of middle-class Americans is two-thirds or twice the national median household income, or $80,610.
Given the current median, Today the middle class earns about $53,000 to $160,000.
Capital One’s price analysis report on electric vehicles says Buying an electric car “is out of reach for people who take home less than $120,000 a year.” Therefore, according to the U.S. Census Bureau's average through FRED, most middle-class people are excluded from eligibility.
Recent surveys show that most middle-class Americans don't currently plan to buy an electric vehicle.
A Gallup survey released in April found Only 5% of middle-income Americans own an electric vehicle, and 44% would not consider purchasing one.
An additional poll released in June by Pew Research found that Three in 10 Americans would seriously consider buying an electric car.
“Why are electric cars practical for anyone, not just the middle class? They offer a superior driving experience. They are quieter, smoother, and have superior acceleration.
Higham pointed to the charging factor as the main reason households may not be ready for electric vehicles.
Read the break from Fox News
