McCain To Offer $300 Million Prize For Developing New Super Battery

Presidential candidate John McCain (R-Old) is expected to unveil a new proposal today offering $300 million in prize money to the first automaker that can demonstrate significant improvements in battery technology. The targets to secure the prize include a 30% cost reduction, along with "substantial improvements" in size, capacity and technology. Additionally, McCain announced a "Clean Car Challenge," offering U.S. automakers a $5,000 tax credit for every zero-carbon-emissions car developed and sold. Apparently, McCain thinks the market's delivery on a 100-mile-per-charge battery won't be coming as he predicted without some helpful handouts incentives. Hmm, we've been flipping through Wealth of Nations for the past hour, and can't seem to find the page on contests, raffles and sweepstakes. Was that section before or after the chapter on the national progress of opulence? [Detroit News]