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Tuesday, August 4, 2009

Cash for Clunkers: Inefficient pursuit of efficiency

The Union Leader has faint praise for the Cash for Clunkers program: it's less ineffecient than the rest of the Obama Administration's efforts to throw money out the window.

Destroying a quarter of a million working automobiles means prices for used cars, used engines and spare parts probably will rise, which hurts those who cannot afford a new car.

And where does the money for this program come from? Oh, yeah. Washington borrowed it. To subsidize new car purchases mostly for people who would have bought one anyway, we are going to pay interest on at least $1 billion, possibly $3 billion -- for decades. (more)

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