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Cash for Clunkers Actual Cost: $24,000 per Car
By Chip Hanlon | 11/02/09 | 09:39 AM EDT | 2 Comments
On top of David Bahnsen's article here about the per-job cost of the President's $800 Billion stimulus package, I thought I'd pass along this little lovely about the true cost of Cash for Clunkers, in case you missed it.
Auto industry research firm, Edmunds, says the program actually cost $24,000 per car!
In summary: the administration loves to tout the 690,000 vehicles sold in July and August, but the Edmunds report says that only 125,000 (18%) of those sales were incremental, meaning the remaining 82% of sales would have happened regardless of the program.
In other words, 565,000 people were given free money for no reason at all, just as critics of this program predicted would happen.
And the Democrats liked to claim that W was a dummy!
What might be worse: this petty little administration fired back immediately, referring to the Edmunds report as "covering car sales on Mars." Right, Mr. No-Experience President, it makes perfect sense to think you'd know more about the auto industry than silly ol' Edmunds, the expert in the field since 1966.
Arrogance, thy name is Obama.
Thankfully, Edmunds was not bullied. Read the company's terrific response to the White House's mindless outburst: Edmunds Responds to White House Comments on Cash for Clunkers Analysis
You tell me which side knows what the hell they're talking about on this one.
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Comments
I'm thankful to hear it was only $24,000!
Government at work, folks.
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|Well my "conservative" Congressman John Campbell thought cash for clunkers was a great idea so who are we to question what they are doing back there in DC.
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