Study: Cash for Clunkers Was a $3 Billion Jalopy

[Geee]

Heritage Foundation:

A new study finds the government’s Cash for Clunkers program hurt the industry it intended to help, leaving taxpayers to cover the $3 billion price tag.

 

The Texas A&M University study reveals that any benefit “was completely offset” by a consumer’s tendency to purchase cheaper vehicles with the federal credit. Altogether, researchers estimate the auto industry lost $3 billion.

 

In 2009, Congress passed and President Obama signed the Car Allowance Rebate System Act. Billed as both an economic stimulus program and an environmental protection package, the law sought to buoy an ailing auto industry while reducing overall carbon emissions.

 

[clearvision]

@Geee

I'm shocked! A huge government program has unintended consequences...

[nickydog]

But will those who only follow the MSM ever know this? Of course not!