Filed under: Rants and raves, Scandals, Politics

The cash-for-clunkers deal has been getting a lot of coverage, and I hate it. I hate the program because I think it’s bad for America, will lead to financial problems for the vast majority of people who participate in it, and won’t help to solve the economic crisis.

First, a quick recap of how it works: You trade in your old car that gets low mileage and you get a taxpayer-funded rebate of up to $4,500 off the price of a new car. The rebate is $3,500 if the spread in fuel efficiency between the old car and the new car is smaller. In order to get the rebate, your old car has to be junked. In other words, this is not a deal that someone with a car worth more than $3,500 or $4,500 would take.

Continue reading Why I hate cash-for-clunkers, and why you should too!

Why I hate cash-for-clunkers, and why you should too! originally appeared on BloggingStocks on Thu, 06 Aug 2009 16:40:00 EST. Please see our terms for use of feeds.

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