Earlier quoted context omitted.
At least a sizable chunk of which is going into the pockets of wealthy Google engineers, if what's to be read in this thread is true. Well, I guess they're paying the taxes in the first place...
If it successfully brings electric cars into the main stream it will be the most efficient use of $7,500 the government ever paid.
I know you're exaggerating for effect, but when has such a scheme ever worked to bring a new technology mainstream? The government didn't need to give you a tax credit to buy a PC.
I suspect it would be much more efficient to slowly, predictably ramp up gasoline or carbon taxes, offset with, say, lower payroll taxes. Effectively no cost to the government, and it lets the market decide how best to reduce emissions.