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Saturday, August 22, 2009

Wait until the books are closed

As the latest Obama wealth redistribution program - Cash for Clunkers - stumbles to an end the Foster's Daily Democrat wonders about the program's long-term impact on the economy.
Saturday, August 22, 2009

The Obama administration's Cash for Clunkers program comes to an end Monday, but there are auto dealers throughout America who are wondering when they will be reimbursed.

It is not a case of "the check is the mail," but the president has pledged the dealers will "get their money."

Some dealers are worried they won't get their money, but Secretary of Transportation Ray Lahood has pledged that dealers will get paid for the incentives.

Through Thursday, auto dealers have made deals worth $1.9 billion and there are expectations the program will exhaust the $3 billion Congress approved for it.

President Obama said in an interview Thursday, the program has been "successful beyond anybody's imagination." It's no wonder. The way in which the program was hyped by the administration, it was like saying the streets are lined with gold. (more)

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