Cartoon photo of Mr. Obama as a used car salesman
A Brookings Institute report says that the Cash for Clunkers (CARS) program launched to stimulate the economy, reduce emissions, and create jobs cost $1.4 million per job! Yay! What a bargain! Wow! That’s amazing!
Another Obama investment we might not want to repeat.
The research, which was thorough, found that the nearly $3 billion spent on the program came at a higher cost than other fiscal stimulus programs such as increasing unemployment.
One of the purposes of the program was to reduce total emissions but that didn’t happen in any substantial way either because only about half a percent of all vehicles in the US were the new, more energy-efficient CARS vehicles. The small gas reduction was only equivalent to about 2 to 8 days’ worth of current usage.
The recipients of the awards were richer, older, white, owned their own homes and were well-educated.
The car dealers loved the program however! Why wouldn’t they?
Brookings isn’t recommending repeating the program but that might not stop Mr. Obama.