Thursday, October 29, 2009
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Taxpayers Paid $24,000 Per Clunker
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Posted by:
Meredith Jessup at
12:51 PM
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During the Cash for Clunkers program, 690,000 new vehicles were sold, but analysts now say that only 125,000 of those vehicles wouldn't have been sold anyway. CNN reports on the final results from the Clunker of a program by Edmunds.com:
The Cash for Clunkers program gave car buyers rebates of up to $4,500 if they traded in less fuel-efficient vehicles for new vehicles that met certain fuel economy requirements. A total of $3 billion was allotted for those rebates. The average rebate was $4,000. But the overwhelming majority of sales would have taken place anyway at some time in the last half of 2009, according to Edmunds.com. That means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales.
Facing these horrible numbers, the Obama administration still insisted the program was a success: "It is unfortunate that Edmunds.com has had nothing but negative things to say about a wildly successful program that sold nearly 250,000 cars in its first four days alone," said Bill Adams, spokesman for the Department of Transportation. "There can be no doubt that CARS drummed up more business for car dealers at a time when they needed help the most."
The point that this program was a total waste of money and failure in economic philosophy is apparently lost on this administration. Do they really think the federal government could pour money into an industry and not have positive sales? The point Edmunds.com makes is that the return on investment taxpayers received for their money was pretty negligible. Meanwhile, the wasteful spending has stopped and *surprise!* the car industry is still hurting.
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val" is a RACIST.
A RACIST extraordinaire. Facts don't lie. She has and is responsible for the demise of the black family. 70% of black children grow up never having a father present. Dooming them to a lifetime of poverty, and permanent wards of the state. "val" the RACIST, wouldn't have it any other way. She's got em' right where she wants em'! As wards of the state, they are beholden to her. She's their slave master, demanding that they continue to vote the "right way". And for that she throws some crumbs their way, and when your wards of "val", those crumbs look large. Vote the "right way" and those crumbs will keep comin'. Just as surely as Sherman marched through Atlanta, destroying everything in his path, "val" the RACIST has destroyed the black family. The KKK could have not done a better job. She has devastated 3 generations of the black family. When will she be stopped?
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...the uninspired Obummer administration.
He has no clue as to how to bring about jobs and economic stimulus.
Every program he has undertaken is simply to glad hand those who support him, least of which is not the unions.
It also bears repeating, his direct involvement with bringing the Olympics to Chicago. Just another effort on behalf of his cronies, his peeps, his supporters.
That is the entirety of his administration's motivations. Nothing else. |
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financial quarter for myself! I took all my savings plus charged myself interest on loans that I gave myself - then i bought 17% more groceries from July - Sept. The sale of groceries in my house skyrocketed! And I only bought groceries on sale so I saved about 20% off last year at this time. Total success. |
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Wow, with a success like that, maybe govt should run EVERY industry.
Debt and deficits? Nobody cares about those things except racists and a**hats. |
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"The average rebate was $4,000. But the overwhelming majority of sales would have taken place anyway."
And so the average rebate was $24,000. Just ask Meredith.
Funny, Meredith's lying headlines are pointed out every single day, but the one time I found her lede practically word-for-word on another blog site and pointed it out, she and her goons went bananas. Lying is just standard operating procedure, I guess. |
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"Still, auto sales contributed heavily to the economy's expansion in the third quarter, adding 1.7 percentage points to the nation's gross domestic product growth."
....and THAT was the point.
In another part of the article that Meredolt doesn't (of course) cite, Edmunds used faulty logic by basing much of its results on luxury car sales - or, the consumers who have the means even in an economic meltdown to replace their luxury cars every 3-4 years. Who COULD those consumers be? Why the insurance industry CEOs and their Congressional flacks. |
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