CARS (the cash for clunkers program) has been wildly successful to the point of exhausting its funds in a matter of days. This past week, Congress has stepped up and sent a bill to extend the program with another $2 billion and a time extension until Labor Day. President Barack Obama signed the bill extending the popular program into Labor Day and preventing the 2-week-old incentives from running out, the White House said on Friday.
The Senate voted to refill the car incentive program on Thursday, tripling the $1 billion fund that has led to big crowds at once deserted auto showrooms.
"Now more American consumers will have the chance to purchase newer, more fuel-efficient cars and the American economy will continue to get a much-needed boost," Obama said in a statement Thursday hailing the vote.
Out of the $700 plus trillion economic stimulus bill, these funds may have been the most wisely spent. Old, inefficient cars are being taken off the roads in huge numbers, being replaced by much more fuel efficient autos. Car dealers have not seen this kind of sales activity in months which keeps their doors open and jobs in tact. The three billion dollars that the US Government will spend on the clunkers program has easily accomplished its goal of creating jobs, stimulating the economy and helping to raise the fuel economy of the US fleet.
The big question is, "How successful has the other $700 billion from the Reinvestment act been?"
Out of the $700 plus trillion economic stimulus bill, these funds may have been the most wisely spent. Old, inefficient cars are being taken off the roads in huge numbers, being replaced by much more fuel efficient autos. Car dealers have not seen this kind of sales activity in months which keeps their doors open and jobs in tact. The three billion dollars that the US Government will spend on the clunkers program has easily accomplished its goal of creating jobs, stimulating the economy and helping to raise the fuel economy of the US fleet.
The big question is, "How successful has the other $700 billion from the Reinvestment act been?"
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