Lame-duck President Biden is throwing away your tax money. ABC News reports the Biden administration has approved a $6.6 billion loan to Rivian to build a Georgia plant to make cheap EV cars for which there is no market.
Sensing the soft market for EVs, Rivian had wisely put the development of the plant on hold. Now with money from the government they will likely go ahead. Smart investors believe there is little chance the "loan" will ever be repaid when Rivian goes under.
The politically astute believe Biden's motivation for this move is to damage the market prospects for Tesla and therefore for Elon Musk who is Tesla's founder, major stockholder and a noted Trump supporter. The Bidens are engaging in revenge with your tax dollars as they head out the door.
