Cash for clunkers has ended and I am waiting for a thank you note from just one of my 700,000 fellow Americans for whom I helped buy a new car.
I admit to being on the conservative side (As regular readers may have surmised), but golly gee what political mindset thinks a one time limited program giving people money to buy a car is going to stimulate a trend? Most of the cars bought are foreign brands and while I understand some are made in America, the profits go elsewhere. With any luck they will buy US Treasury debt to help us fund the three billion this deal cost us.
What have we accomplished? Well 700,000 people got a good deal and 700,000 vehicles get better mileage and a few auto workers were called back to work very likely temporarily even though only one American car was in the top five sellers. The US government and taxpayers are further in debt. A slew of Americans who missed the mileage cutoff are pissed and the 700,000 who got the deal now have monthly payments when they had none on the clunker. Let’s hope the car payment doesn’t impair their ability to make the mortgage payment.
Call me cynical, but I never got cash for buying a house, or car. Last night I did get a senior discount at the movies perhaps I am sufficiently stimulated.
But wait, I have my eye on a new water heater and next year round two of this stimulation will get me (and you) a few hundred dollars back on new appliances.
If this keeps up soon we will all experience the joy of using food stamps too especially the car dealers waiting for their rebate checks.