{"id":1430,"date":"2009-01-30T19:20:41","date_gmt":"2009-01-31T00:20:41","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=1430"},"modified":"2009-01-31T09:48:04","modified_gmt":"2009-01-31T14:48:04","slug":"cash-for-clunkers","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/01\/30\/cash-for-clunkers\/","title":{"rendered":"Cash for Clunkers???"},"content":{"rendered":"

The Wall Street Journal has details on ongoing talks<\/a> between auto industry officials and lawmakers on a plan aimed at\u00a0 reviving vehicle sales. Under the proposal consumers who replace older gas guzzlers with new fuel-efficient cars would be eligible for federal tax credits of as much as $4,500.<\/p>\n

Auto-industry officials are in advanced talks with Capitol Hill lawmakers on a proposal that would aim to revive vehicle sales by giving federal tax credits of as much as $4,500 to consumers who replace older gas guzzlers with new, fuel-efficient cars.<\/p>\n

Executives and lobbyists for domestic and foreign auto makers hope to reach an agreement on what they call a “cash for clunkers” program in the next few days so it can be added to a nearly $900 billion economic-stimulus package the Senate will debate next week. A House version of the package, valued at $819 billion, passed on a largely party-line vote Wednesday.<\/p>\n

It isn’t clear that auto makers and Congress will strike a deal. Detroit Three executives haven’t signed off on a plan, in part because they worry that the plan would encourage people to replace their older, American-made cars and trucks with new vehicles made by overseas-based rivals. It isn’t clear how long the program would last or what it would cost the government.<\/p>\n

The cash-for-clunkers plan is one of dozens of proposals designed to aid certain industries and companies that lobbyists are pitching to lawmakers. Together, those provisions have pumped up the cost of the economic-stimulus proposals by billions of dollars.<\/p><\/blockquote>\n

At first glance “cash for clunkers” sounds like a good idea but the more I think about the less I like it… What the plan boils down to is social engineering disguised as economic stimulus…\u00a0 What we will ultimately end up with is plan that pays more for an old car than its worth so the owner can can use their “tax credit” to purchase a vehicle they wouldn’t buy without a government subsidy.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Wall Street Journal has details on ongoing talks between auto industry officials and lawmakers on a plan aimed at\u00a0 reviving vehicle sales. Under the proposal consumers who replace older gas guzzlers with new fuel-efficient cars would be eligible for federal tax credits of as much as $4,500. Auto-industry officials are in advanced talks with […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[26,7],"tags":[313,454],"class_list":["post-1430","post","type-post","status-publish","format-standard","category-economy","category-politics","tag-auto-industry","tag-stimulus-plan","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-n4","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2625,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/08\/18\/cash-for-clunkers-a-clunker-says-a-liberal-democrat\/","url_meta":{"origin":1430,"position":0},"title":"Cash for Clunkers, a Clunker, Says a Liberal Democrat","author":"Jeff","date":"August 18, 2009","format":false,"excerpt":"Ouch, keep in mind that Congressman blowing the whistle on problems with the supposedly \"wildly successful\" cash for clunkers isn't a Republican or even Blue Dog Democrat... He's a liberal Democrat: The federal government has only reimbursed auto dealers for 2 percent of the claims they've submitted through the popular\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1088,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/11\/will-the-auto-industry-bailout-work\/","url_meta":{"origin":1430,"position":1},"title":"Will The Auto Industry Bailout Work?","author":"Jeff","date":"December 11, 2008","format":false,"excerpt":"I've been so focused on finishing up the projects I'm working before the holidays I've only been half attention to the news recently. I completely missed Holman W. Jenkins Jr. latest Wall Street Journal column: The Bailout That Won't Would you buy a car from Congress? By Holman W. Jenkins\u2026","rel":"","context":"In "Money & Investing"","block_context":{"text":"Money & Investing","link":"https:\/\/www.jasetaro.com\/blog\/category\/money-and-investing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2895,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/10\/29\/third-quarter-gdp-rises-to-3-5-but\/","url_meta":{"origin":1430,"position":2},"title":"Third Quarter GDP Rises to 3.5%… But…","author":"Jeff","date":"October 29, 2009","format":false,"excerpt":"From Reuters: The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance. Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1090,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/11\/mitch-mcconnell-no\/","url_meta":{"origin":1430,"position":3},"title":"Mitch McConnell: No","author":"Jeff","date":"December 11, 2008","format":false,"excerpt":"Senate Minority Leader Mitch McConnell has broken with the White House and come out against the auto industry bailout in a Senate floor speech: \u201cThese are turbulent times for the U.S. economy. Over the past several months, Americans have seen giant companies fail, significant job losses, and, after unprecedented problems\u2026","rel":"","context":"In "Money & Investing"","block_context":{"text":"Money & Investing","link":"https:\/\/www.jasetaro.com\/blog\/category\/money-and-investing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1539,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/18\/not-just-no-but-hell-no-gm-chrysler-seek-216-billion-in-aid\/","url_meta":{"origin":1430,"position":4},"title":"Not Just No, But Hell No: GM, Chrysler Seek $21.6 Billion in Aid","author":"Jeff","date":"February 18, 2009","format":false,"excerpt":"General Motors and Chrysler have submitted their recovery plans submitted to the U.S. Treasury and are asking for another $21.6 billion in government aid. Not just no, but hell no... No amount of government aid is going to bring them back to profitability so long as the government forces them\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2185,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/05\/14\/ap-stimulus-not-stimulating\/","url_meta":{"origin":1430,"position":5},"title":"AP: Stimulus not Stimulating","author":"Jeff","date":"May 14, 2009","format":false,"excerpt":"The\u00a0 AP's Matt Apuzzo yesterday examined Vice President Joe Biden's first quarterly report of the Stimulus plan and found the picture to a bit more cloudy than the White House claims: Capturing the full effect of the stimulus at this early stage is difficult, but the administration has set high\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=1430"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1430\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=1430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=1430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=1430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}