Now that was fast! Just a mere six days after the program was rolled out, 'Cash for Clunkers' may have to be rolled back in. Evidently the program has been way too successful.
Here is the Washington Post's take on the issue:
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/30/AR2009073004122.html
I think this is a great thing the program has almost run out of money. It proves that there is a market out there and given a generous incentive (in this case up to $4,500), folks will buy new cars.
I wonder if the Obama Administration will allow more money to be diverted to the program. While I want to see the US auto industry bounce back, I don't want a big program that may become wasteful. Besides, after all the vouchers are gone, will people stop buying cars?
Let's hope not.
Vroom vroom!
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