President Joe Biden cheered the news of higher than expected GDP growth and slammed Republican plans to impose a national sales tax in a speech Thursday at a steamfitters union hall in Springfield, Va., his first major economic speech of the new year.
“I’m not sure the news could have been any better – economic growth is up stronger than experts expected, 2.9%,” Biden said, referencing a report released earlier Thursday by the Commerce Department. “I don’t think it’s unfair to say that this is all evidence that Biden economic plan is actually working.”
Biden spent much of the second half of 2022 asking Americans to bear with him through historically high gas prices and inflation. In previous speeches, he’s acknowledged the economic pain many Americans are feeling, while pointing to strong economic reports that show his policies are finally taking hold.
Data from the past month has been positive: the U.S. is at its lowest unemployment rate in 50 years and, over the past two years, job growth has been at its strongest rate ever, although that’s partially due to the historic drop during the 2020 pandemic lockdowns. Though consumer prices are still higher than they were a year ago, Biden has pointed to a slow down in the pace at which they are rising.
The overall consumer price index, a common measure of inflation, dropped 0.1% in December from the prior month, marking the largest month-over-month decrease since April 2020.
Biden warned legislation proposed by House Republicans would reverse that progress and inflict more pain on the economy.
“MAGA Republicans in the House of Representatives are threatening to destroy this economy, this progress. Look, this ain’t your father’s Republican Party. It’s a different breed of cat,” Biden said.
He cited a Republican proposal to eliminate the IRS and national income tax and implement a 30% national sales tax. Republican House Speaker Kevin McCarthy promised the bill’s backers he would put the legislation up to a vote as part of his deal to secure support for his speakership. McCarthy on Tuesday told reporters he does not support the bill.
“They want to impose a 30% national sales tax on everything from food, clothing, school supplies, housing cards, the whole deal – 30%,” Biden said. “They want to eliminate the income tax system because guess what? That’s the only way that millionaires and billionaires have to pay any taxes.”
The bill is dead on arrival without McCarthy’s support and has no chance of passing the Democratic-majority Senate. Still, Biden vowed to veto if it made it to his desk.
“Why why? This nation has gone through too much, we’ve come too far to let that happen. Not on my watch. I’ll veto whatever they send me,” he said.
Biden’s speech also comes as Republicans in Congress prepare for a standoff with the White House on the debt ceiling. The White House has repeatedly said Congress should automatically lift it as it’s routinely done for years, adding that it will not allow Republicans to hold it hostage to get other policies through. House Republicans have threatened to withhold support unless measures are implemented to cut spending, a position that they ignored during the Trump administration and previous Republican presidents.
The debt ceiling is the legal limit set by Congress of how much the federal government can borrow. It covers federal programs that have already been authorized by Congress, not new spending. Failing to lift the debt ceiling could lead the U.S. to default on its bond payments, potentially causing catastrophic effects on the economy.
The last time the U.S. was close to defaulting on its debt in 2011, the move caused Standard & Poor’s to issue its first ever downgrade of the government’s credit rating. The environment then was similar to the situation currently playing out where a newly-elected Republican majority refused to lift the debt ceiling under a Democratic president.
A Moody’s Analytics report from September 2021 said a default on Treasury bonds could throw the U.S. economy into a tailspin as bad as the Great Recession. Moody’s projected a 4% GDP decline and the loss of nearly 6 million jobs if the U.S. defaulted.
The U.S. hit its $34.1 trillion debt limit last week. Treasury Secretary Janet Yellen said the agency has started taking “extraordinary measures,” like suspending some investments in federal employees retirement funds, to keep the U.S. from missing its debt payments.
Rivian will power its DC fast-charging network with renewable energy company RWE’s Champion Wind farm in Texas.
The two companies just signed a 15-year power purchase agreement (PPA) for electricity from RWE’s repowered Champion Wind in Nolan and Mitchell counties, west of Abilene.
The 127-megawatt (MW) Champion Wind is getting new turbine nacelles and blades, which will extend the wind farm’s lifespan. Originally commissioned in 2008, the wind farm is expected to be fully upgraded by mid-2025. When the wind farm is back online, it’ll be capable of generating enough electricity to power nearly 1 billion miles of renewable driving every year for Rivian, or the equivalent of powering 36,000 homes annually in Texas.
This wind power is set to support Rivian’s DC fast-charging Adventure Network with renewable energy. Rivian has set a specific goal to enable 7 billion miles of renewable driving.
Paul Frey, Rivian’s VP of propulsion, charging & adventure products, said, “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics.”
Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, six new Siemens Gamesa turbines rated at 3.1 MW each will also be added to the wind farm.
The decommissioned wind turbine blades from Champion will be repurposed. RWE is working with REGEN Fiber, an Iowa-based company that recycles wind turbine blades to make reinforcement fibers for the construction industry. Those fibers are then used in concrete to add strength and durability, extending the lifespan of infrastructure.
RWE is the third-largest renewable energy company in the US.
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Rivian is bringing back its “All-Electric upgrade offer” from now until November 30th, but with some changes to the program.
Earlier this year, Rivian offered $1k-$5k off a new Rivian if you trade in an old gas car, from April to June. The offer was available for specific vehicles, and with a sliding discount scale based on which Rivian vehicle you order.
Now the program has come back, but with quite a few changes from the previous version.
As of today, October 31, if you buy a new Rivian R1T or R1S new inventory vehicle from the R1 Shop, you can get a $3,000 discount if you also prove that you own or lease a qualifying gas-powered vehicle.
This is simultaneously simpler, more lenient, and more restrictive than the previous offer, in various ways.
First, the discount is a flat $3k (or $4,100 CAD), rather than having a scale based on what model you order, which is more streamlined.
Second, the discount applies to every gas or hybrid vehicle owner – you don’t have to trade in your vehicle, and you’re not limited to a specific list of vehicles. Just prove that you own or lease a gas car (copy of registration, proof of insurance, etc), and you get the discount.
However, third, it’s more restrictive as to what vehicles you can purchase. The current offer applies only to Rivian new inventory vehicles in the R1 Shop, and excludes demo vehicles, pre-owned vehicles, or custom build vehicles. It also does not apply to Rivian’s base Dual Standard models, but everything else is fair game.
In order to qualify, you need to place your order between today and November 30, and you must take delivery of the vehicle before December 31. Check out all the specifics of the offer on Rivian’s site here.
Electrek’s Take
Rivian is clearly trying to round out its yearly numbers with this offer, as the market for pricy cars is somewhat soft with increased interest rates. It just slightly lowered its annual delivery guidance, now planning to see roughly similar deliveries this year than last.
But its R1 vehicles just got a huge refresh to help the company with costs and to offer new features. The R1S is still one of the most popular high-priced vehicles in the US, and the company’s products earn universal acclaim from owners.
The interesting thing is that Rivian had a similar offer earlier this year, before the refresh, to help clear out inventory of older vehicles. It didn’t see it fit to offer the discount last quarter, perhaps buoyed by the updated model, but after a rough Q3 of deliveries it now brought the offer back.
Rivian is still guiding to reach a slight gross profit in Q4, though we’re sure we’ll hear more about that in its upcoming quarterly earnings next week.
If our coverage of Rivian has helped inform you about the brand, feel free to use our Rivian referral code to get 6 months of free charging or 750 Rivian Rewards points with your purchase.
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Hyundai’s new low-cost EV is getting a bold design upgrade. The Hyundai Casper EV Cross was spotted for the first time in public, revealing new design elements.
Although we knew a rugged “Cross” variant was headed to Europe, this was the first time the domestic model was spotted with an upgraded design.
The Inster EV is Hyundai’s overseas version of its domestic Casper Electric model. In Korea, Hyundai’s Casper EV starts at around $20,000 (27.4 million won). Hyundai said its new EV can be bought for under $8,000 (10 million won) with subsidies.
In Europe, it starts at under $27,000 (25,000 euros). The Cross variant is built for “those looking for an EV with a more adventurous look,” Hyundai said.
Although it offers the same versatility as the standard model, the Inster EV Cross gains rugged design elements, including new front and rear bumpers, black claddings, skid plates, a roof rack, and more.
Here’s our first look at the Hyundai Casper EV Cross
After a rugged new variant with the Casper EV logo was spotted in Korea for the first time, a Cross model is expected to debut shortly.
The new video from HealerTV reveals added design elements, including the roof rack and more aggressive black trim.
The reporter notes that the Hyundai Casper EV Cross has a “much more mechanical and futuristic feel than the existing model.”
It almost appears “robot-like” with an added off-road feel. The Inster EV Cross gets up to 223 mi (360 km) WLTP driving range. In Korea, the Casper Electric is rated with up to 195 miles (315 km) driving range.
Although Hyundai Casper (Inster) EV is not expected to launch in the US, the low-cost model was spotted driving in California for the first time this month.
In the meantime, off-road fans can get in line for Hyundai’s upgraded 2025 IONIQ 5, which will be available with a rugged XRT trim. The 2025 IONIQ 5 XRT model was also recently caught testing ahead of deliveries.
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