Friday, July 31, 2009

$2 Billion More for Failed "Cars for Cash"

In a knee-jerk reaction to spectacular failure, Congress has just approved an additional $2 Billion for the "Cash for Cars" program. That's the program that ran out of money after much less than a month of operation. It's intended purpose is to stimulate new car sales by giving customers a rebate of up to $4,500 when they trade in an old car for a new one. Let's do some math.... The program ran out of its original $1 Billion in a matter of days. So, how many more days will it be before the additional $2 Billion runs out? The program, officially known as CARS (Car Allowance Rebate System), is a bureaucratic nightmare full of red tape. In other words, business as usual for a federal program. Rather than actually fixing the confusing program (see video report, WTNH), Congress simply threw more money at it. RELATED: US House approves $2 billion more for 'clunkers' - The Detroit News McCaskill says no mas on “Cash for Clunkers” - Columbia Business Times How Government Health Care Would Work (see Cash for Clunkers) - CNB Let Ford Recycle Your Ride - Find out if you qualify! - Ford Leave a Comment... See Our Online Store Chicago News Bench RSS Feed We're on Twitter...