Money to Burn: Remember “Cash for Clunkers”?
August 11, 2014
The Obama stimulus program designed to jump start new car sales in 2009 not only failed to do so, it hurt the economy. A study by Texas A & M shows that “The Car Allowance Rebate System” (costing $3 billion of federal tax dollars) resulted in $3 billion in lost industry revenues, as new car sales went DOWN. Read the study report here.