Cash-for-Clunkers Plan Gains Speed

[bemildred]

Source: WSJ

WASHINGTON -- A plan to give government cash to consumers who trade in their old cars gained sudden momentum this week after President Barack Obama supported the concept as part of his effort to revive the U.S. auto industry. But the so-called cash-for-clunkers plan still faces hurdles.

Bills by Rep. Betty Sutton (D., Ohio) and Sen. Dianne Feinstein (D., Calif.) would provide cash vouchers to buyers who turn in inefficient older cars and purchase newer ones with better gas mileage. The concept is similar to one that has been used in Europe to spur sales, most recently in Germany.

The idea had been attracting moderate interest in Congress for months. But in his sweeping remarks on the auto industry Monday, Mr. Obama said he wants to work with Congress to find ways to find money for such a program in his economic-recovery package.

"The president's statement accelerates our looking at all of these issues," said Rep. Sander Levin (D., Mich.), who supports the idea.

Read more: http://online.wsj.com/article/SB123853805152575391.html

[Deja Q]

1. Wow. I hadn't heard of this plan.

:thumbsup:

I'd love to get into that; especially with my excess cash going to pay for furthered education loans!

It's certainly better than the government giving out rebate cards for digital tv converters, please forgive that criticism of mine (I mean, it DOES help the elderly and those on fixed incomes that otherwise would have no medium to receive televised information)...

[BeFree]

2. More socialism

That's a good thing.

Of course, buying toxic assets from toxic banks so they can make more toxic loans, ain't?

[hayu_lol]

3. Hmmmm...if they give working people the means to buy...

newer more efficient cars, who buys the traded in less efficient ones? Why, the working poor of course.

Well, I didn't think for a moment that they would make a new fishing reef out of them and get them off the road.

[BeFree]

4. What do they do in Germany?

The idea here is to get new cars sold putting GM back in biz. They couldn't care less about poor people having cars or even be able to get around.

This is about making it so GM survives. So they can keep building and selling even more toxic cars. We've known for years the cars were toxic, but they just let it slide while poor folks wait 30 minutes for the bus. Fun!