The much-touted but ill-gated “Cash for Clunkers” program is coming to an end:
WASHINGTON (AP) – The Obama administration plans to end the popular $3 billion Cash for Clunkers program on Monday, giving car shoppers a few more days to take advantage of big government incentives.
The Transportation Department said Thursday the government will wind down the program on Monday at 8 p.m. EDT. Car buyers can receive rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models.
“It’s been a thrill to be part of the best economic news story in America,” Secretary Ray LaHood said in a statement. “Now we are working toward an orderly wind down of this very popular program.”
Through Thursday, auto dealers have made deals worth $1.9 billion and are on pace to exhaust the program’s $3 billion in early September. The incentives have generated more than 457,000 vehicle sales. Administration officials said they have reviewed nearly 40 percent of the transactions and have already paid out $145 million to dealers.
One wonders, though, how many dealers will end up getting stiffed.
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U.S. Transportation Secretary Ray LaHood announced Thursday that after a wildly successful run, the cash for clunkers program will come to a close on Monday, August 24th at 8 p.m. EDT.
Good…, as they say, all good things come to an end. Actually, this could be considered a BAD thing b/c it’s CRAZY, we are giving people money to live more vicariously and lavishly than before all this economical bust took place? What are we doing? Spoiling every single last American? Let’s learn to live in moderation, then we wouldn’t have so much debt…Well, the fish sticks from the head..so the head is the While House…right?
It’s not comparing them as if the issues are similar, but drawing a conclusion that if the government developed a program, even on a much smaller scale than healthcare, rammed it thru in no time flat and then totally mismanaged it, is valid.