Yesterday, major news sources reported that the money set aside by Congress for the “Cash For Clunkers” program was being depleted rapidly (as explained in my blog, “Cash For Clunkers: Short Deal“). In Detroit, car dealers were reportedly staying open late into the night in order to have customers be assured of the rebates before the money was depleted.
Today, the House voted 316-109 to add an additional $2 billion to the program. Funds will come from an earlier economic stimulus package.
As explained by the government website, the process is not easy, yet folks are rushing to take advantage of the savings. I wonder why Congress didn’t expect this….savings of 3500-4500, combined with dealer incentives (at least on the west coast) of another 3500-4500….the program at least seems attractive. I cannot help but compare the program to beer goggles and wonder if there was alcohol involved when writing and funding this program.
