Friday, October 30, 2009

Cash for Clunkers - a real lemon

"There can be no doubt that this program drummed up more business, for more people, in more places at a time when our economy needed help the most," said Transportation Secretary Ray LaHood

The Cash for Clunkers program helped consumers who turned in gas guzzlers buy nearly 700,000 more fuel efficient vehicles in fewer than 30 days. Sounds good right?

WRONG! A report by automotive Web site says the program actually cost taxpayers $24,000 per car sold. Only 18%, of the sales were additonal to normal car buying trends -- the remaining 82% of sales would have happened regardless of the program.

Obama and the Democrats chose to add another $3 billion to their spending spree to help out 125,000 people. $24,600 per car = the average $4,000 rebate the customer got? Sounds like fuzzy math to us

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