Biden Writing Big Checks on Way Out the Door

Joe Biden has less than two months in office, but he continues to put the American taxpayer into a hole.  

Among other big checks, Biden agreed to loan a struggling electric vehicle (EV) company a $6.6 billion loan. 

Just a Loan 

One of the biggest parts of Joe Biden’s legacy as president will be what he did or attempted to do for the EV industry.  

Biden had gone to war with gasoline-powered cars and has been funneling money to EV manufacturers since taking office.  

He continues to do that in his waning days, recently approving a $6.6 billion loan for Rivian, a company that is hemorrhaging cash right now.  

The company lost more than $1 billion already while seeing revenue drop by nearly $500 million during the last quarter.  

It’s Only Money 

RJ Scaringe, Rivian founder and CEO, was obviously happy with the influx of cash coming to his company.  

After he got word of the loan, which is likely to never be paid back, he stated, “This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology. 

“A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.” 

O.H. Skinner, executive director of the Alliance for Consumers and the former solicitor general of Arizona, has ripped the administration in the past for burning money in the EV market. He stated, “Even after throwing money at EVs hand over fist, basically paying people tax dollars to drive these cars off the lots, you have a dire spiral of (1) not enough demand to support the number of cars being produced, and (2) the people you paid to buy them now wanting to go back to what they had before.” 

More Free Money 

This is far from the only big check that Biden has written over the last few months in office.  

Just a few days ago, Biden informed Congress that he was going to forgive the nearly $5 billion in loans that have been given to Ukraine during its conflict with Russia.  

State Department spokesperson Matthew Miller told the media, "We have taken the step that was outlined in the law to cancel those loans.” 

Congress can still block this move, and with Trump coming in, I am sure Republicans will do everything they can to ensure that Ukraine makes good on this money. If they can hold off until Trump takes office, there is a deal to be made with the mineral-rich nation.