This entitlement program known as “Cash for Clunkers” has been left dead on the side of road. The bill was only just approved by Congress in June and would have provided government incentives of $3,500 to $4,500 to motorists if they traded in their clunkers, which were defined as gas guzzling vehicles. The money was supposed to be used to pay for a more fuel efficient car. Republicans strongly opposed the measure except for RINOs like Susan Collins.
President Barack Obama and Vice President Joe Biden pushed the measure hard by making calls to Democrats who were considering voting against the measure like Senator Maria Cantwell. Senator Debbie Stabenow said, “This is an emergency for families and small businesses — for an industry that has been the backbone of our economy for a generation.” I guess the emergency was not urgent enough to carry out the program. The truth is that the morons in Washington just realized this program was too expensive. I guess we should give them credit that it only took a month for them to figure out that $1 billion in rebates was unsustainable. There have already been over 22,000 vehicles bought under the program.
“There’s a significant backlog of ‘cash for clunkers’ deals that make us question how much funding is still available in the program,” said Bailey Wood, a spokesman for the dealers association. Uh oh, somebody may get an IOU from the government instead of their rebate. Wonder if that will wake them up.