The Obama administration will 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 that 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.
Transportation Secretary Ray LaHood said the program has been “a lifeline to the automobile industry, jump starting a major sector of the economy and putting people back to work.” He said the department was “working toward an orderly wind down of this very popular program.”
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9 comments:
Sure it has been good for auto industry. But what about the dealers? I hear they are going broke waiting for the bureaucracy to process the rebate checks. Banks are cutting off their lines of credit, and many dealers have opted out of the program before its expiration.
Makes one wonder if the gov't can't handle a simple thing like processing a few billion bucks for these car dealers, how in the world will they be able to handle something as large and complex as health care?
Was this the debut test for turning over grand ma to the death panel so we can have a new baby under Obama health scare ?
Because of the backlog in processing payments to dealers, the Government doesn't have a clue as to how much money is even left in the program. The dealers claim only 2% have been processed meaning that 98% are still in the queue and basically unknown by the Government. They are probably out of money again but they covered their butts by having GM announce that they will cover any unfunded clunker rebates.
Pure incompetence and mismanagement.
It should have never been offered. If John Q. Carowner was driving around in a 20 year old clunker, chances are he was doing so because he couldn't afford a new car. How is giving him cash for his old car changing his financial status. If he couldn't afford payments for a new car, how is he going to afford them now? I have a feeling in 6-8 months, we'll be hearing about all sorts of defaults on car loans because people couldn't pay.
And, for that matter, where is the government getting the money to pay the dealers? Isn't our country in a deficit?
For those of you that think this was a good idea, just watch after Monday at how the auto sales will plummet!
All we did is take taxpayer money to rob from the future. In more ways than one.
Stupid is as stupid does!
Obama, and the rest of the Dumbocrats.....stupid as can be!
Is this the way our new proposed health care will end when there is no money left,Obama and his traveling circus of clowns need wise up
just so the stats can show some growth.
What…are we now giving out FREE Lunches? Since when??? Hey, I’m sorry for his cancer, but one never knows truly how much longer they can live…his last death wish may even be to do another “killing of Americans” deed. These people don’t care, but only to KILL America. They hate us…
Another Obama failure
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