Did You Know...

   

Cash for clunkers junked…but dealer ads still running; Feds try to salvage

Share
By Michelle Malkin  •  July 30, 2009 08:57 PM

Scroll for updates…

The feds are shocked that people flocked to take advantage of easy money. Whodathunk?!

Via USA Today:

The government is suspending the explosively popular ‘cash for clunkers’ program at midnight tonight fearing it would go broke before it could parcel out what it still owes dealers for a huge backlog of sales.

The pending suspension was confirmed by Bailey Wood, legislative director for the National Automobile Dealers Association (NADA), which had been called Thursday night by the National Highway Traffic Safety Administration, which administers the program. Rep. Candice Miller, R-Mich., confirmed as well, saying she had been told by congressional leaders.

“Obviously the program has been an immense success in stimulating automotive sales,” Wood said.

“The thing has exploded. It has exceeded everyone’s expectations,” said Miller, who was involved in writing the original legislation, known as CARS, for Car Allowance Rebate System. “Throughout our history, it has been auto sales that have pulled us out of recession. People are more likely to buy cars than houses. Not to be too Pollyannaish, but we’re gettin’ our mojo back. This could be the pivot” that begins an economic recovery.

As of late Thursday, the government had committed roughly $850 million of the program’s $1 billion, according to calculations by NADA and various congressional offices. It’s unclear whether and how the CARS program could be restarted.

Good thing they junked it. Alan Reynolds at Cato explains how easy it was to use “Cash for Clunkers” to buy a gas-guzzler.

Good riddance to Fraud on Wheels.

***

Update: Watching L.A. Ink tonight (I’m in hotel decompressing from the book tour), I’ve already counted 4 ads touting Cash for Clunkers.

Oops.

***

Update: Feds are trying to salvage the clunker clunker.

blog comments powered by Disqus
Posted in: Enviro-nitwits

Awwwk-ward: EPA employees who called Senators to lobby against this nominee, meet your new boss!

February 17, 2017 01:40 PM by Doug Powers

doh

It’s never too late to be “promoted” to the Animas River cleanup crew!

Global warming about to cause tons of environmentally-conscious Standing Rock protesters’ garbage to turn toxic

February 8, 2017 04:28 PM by Doug Powers

garbage1

Re-creation of Obama’s first inaugural?

Report: EPA employees crying about Trump so much they might have to fine themselves for excessive facial runoff

January 27, 2017 08:24 PM by Doug Powers

nooooo

Trouble in bureaucrat paradise?


Categories: Al Gore, Enviro-nitwits

Follow me on Twitter Follow me on Facebook