Cash For Clunkers Seems Successful

they're talking about adding another $2 billion U.S.

[lawman]

Now if only they'd implement a program where those of us who don't qualify can get a $4500 tax credit for ANY new car we buy, the U.S. auto industry would go from being on life support to being insanely profitable. I know I'd rush out and get one.

[BillyS]

Glad this program is over - we need to stop the bleeding. What a fiasco. No wonder the US economy is in bad shape. The folks in charge don't even understand the simple laws of supply and demand. They might as well put a dollar bill copier on every street corner.

[Rugles]

Not sure how you can declare this program a disaster so soon. From the local news I am reading the auto plants and their suppliers are actually racheting up production again.

That will be good for all of us.

For sure its an expensive way to kick start the economy, but if it does help end the recession earlier than it would have how can you criticise it.

[akmac]

For sure it's an expensive way to kick start the economy, but if it does help end the recession earlier than it would have how can you criticize it?

Without going into the sordid history of fiat currency, it can be criticized because it is a resoundingly poor and irresponsible program.

US taxpayers will pay almost $6000 for every $4500 credit due to costs of administering the program.

Paying the government a 25% mark-up to administer a program designed to subsudize an unsustainable business model for the purpose of creating the illusion of wealth/economic health at the cost of future taxpaying Americans is obscene.

Other than that...

Ending the recession is a noble goal, but shortsighted policies (of which this is one) will hardly serve that purpose in the long term IMO.

Besides, Rugles, aren't you Canadian? ;-)

[Rugles]

Besides, Rugles, aren't you Canadian?

This is true, we also bailed out the auto companies and are part owners of GM and Chrysler now. We make more cars here in Ontario than are made in Michigan. All the big companies have plants here, GM, Ford, Chrysler, Toyota, Honda and Suzuki. Plus countless parts plants.

So my tax dollars are in this mess too.