Cash for Clunkers Sputters to an End
The Transportation Department announced today that it will wind down the Cash for Clunkers program, which the Obama administration promoted as a way to both help the economy and clean up the environment, by Monday. It was supposed to spur car sales while replacing older cars with more fuel-efficient models.
As I noted here in an earlier post, “The car buying site Edmunds.com compared car sales under Cash for Clunkers with typical car sales over a similar period as that of the program’s existence, and found a net increase of only 50,000 cars — at a cost of $20,000 each.”
For more on Cash for Clunkers, see here.