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Program is a clunker of an idea
August 7, 2009 - Frank Robinson
I'm getting just a little tired of the clunkers program.
The "Cash for Clunkers" program got the OK late Thursday for $2 billion more. That's $3 billion total to help people buy new cars. Absurd. Unbelievable.
I don't recall anyone giving me $3,500 or $4,500 when I bought any car in my lifetime. My first car I had to borrow money for the downpayment from my grandmother and save money I was making during the summer. I had to get a co-signer for the financing.
It doesn't seem right that taxpayers will foot the bill for years to come just so people will buy some cars. I don't think it's right that tax dollars are collected from a lot of people, then given to a chosen few. I don't have a clunker to trade, and a lot of people I know don't either.
This is just borrowing time. Many of the people who are using the clunker program probably would have been buying cars in a few years anyway. This bubble, as it is being called, will be felt a few years down the road.
And what about the people who have been enticed to buy a new car because of the program. Will they be able to keep their payments current a year or two from now? We'll wait and see how that works out.
Three billion dollars is a lot of money. The government and Obama are messing with the market. Any time the economy is manipulated artificially, it's a bad idea.
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