In the News: “Cash for Clunkers” Appears to be an Auto Industry Success
Here are some interesting news items to take you into your weekend. And don’t forget to join us this Sunday for our Telly Award winning episode, “A Conversation with Steve Forbes.” It’s on KERA, Channel 13, or you can view the episode with Steve Forbes on our website as well.
“Cash For Clunkers” An Artificial Program Shields Auto Industry
[Auto Industry] “Ford (F) makes better cars than it did last year, or at least there is better demand for them. The “cash for clunkers” program put together by the US government helped sell cars, a fact that Ford admitted.
The “clunkers” stimulus which allowed consumers to trade in old, fuel-inefficient cars for new fuel-efficient ones, lasted about a week. The government withdrew the package, either because it ran through its $1 billion of funding or because it was too complex for dealers to manage. Media accounts cite both reasons…”
Auto Industry: Cash for Clunkers Hits Goal in Five Days!
[Auto Industry] “As a co-architect of the federal Cash For Clunkers (CFC) program and advisor to various congressional offices on the issue, it is gratifying to see how quickly it has been adopted by the American people. CFC achieves multiple goals — it stimulates auto sales while increasing the efficiency of the U.S. fleet.
Congress passed the program in June of this year and it went into effect this past weekend. The $1 billion has now been used up in one week! That translates to more than 250,000 guzzlers and pick-up trucks traded-in for more efficient cars…”
Auto Industry: ‘Cash for Clunkers’ Going Broke
[Auto Industry] “The Obama administration is telling lawmakers that its much-touted “cash-for-clunkers” program is already running out of money, according to three Senate aides familiar with the discussions.
The program — aimed at giving at boost to the U.S. auto industry — was supposed to expire at the end of October. But in the one week since it took effect, it appears to have run dry of the $1 billion allocated to it, aides said Thursday…”