Friday, September 11, 2009

Ca$h for Clunkers

According to the Council of Economic Advisors, the Cash for Clunkers program cost the American taxpayer $8,700 for each additional automobile sale. By analyzing car sales, they concluded that only an additional 330,000 cars were sold than would have been expected without the program, hardly a bonanza for either the economy or the auto dealers who filled out reams of paperwork for the priviledge of waiting for the government to make good on its promises. For a more detailed analysis, read Donald Marron.

No comments: