Wednesday, August 19, 2009
Cash for Clunkers.....update!!!!
Update: I was being generous thinking they had until mid September....it ends this Monday!!!!!
The cash for clunkers program is coming to an end . Originally a $1 billion program that was supposed to last until November, ran out of funding 6 DAYS after it started. The Congress quickly approved another $2 billion in taxpayer, debt laden money to keep it going. As of yesterday, 25 days into the now triple original cost program, the White House is winding it down having spent $1.81 billion of the $3 billion. Assuming current spending continues the project will be out of money again, by mid September.<---my assumption was wrong it ends Monday!!!....wowza!
New York dealers are pulling out of the program because they are not receiving the money from the government and are on the hook for too long a time...hemorrhaging cash and money lost in interest.
So lets recap...
-a government run program
--->ran out of money in 6 days but supposed to last ~120 days
--->budget had to be tripled
--->suppliers are pulling out because they haven't been paid
--->the program didn't last quarter the expected run time even with triple the budget
--->some 400,000+ Americans have new car payments (more debt?)
--->the majority of cars purchased were foreign made instead of American
....and you want these clowns in charge of your healthcare?! Brilliant!!!