The House passed the request for an additional $2 Billion to bolster this program and the Senate is pondering it. Reuters ran an article on Aug 3, 2009 U.S. auto sales bolstered by rush to dump ‘clunkers’ that tells us, “Ford Motor Co’s sales rose 2 percent.”
Further down it tells us, “U.S. auto sales overall,,,, fell 12 percent from a year earlier.”
Still further down we read, “Chrysler posted a 9 percent sales decline for July. GM sales were down 19 percent.”
“Sales for Toyota Motor Co were down 11 percent; Honda Motor Co was off 16 percent and Nissan Motor Co sales fell 25 percent.”
“Hyundai Motor Co posted a nearly 12 percent sales gain for July.”
It would appear, as per the supplied numbers, our “Cash For Clunkers” would be more aptly labeled the “South Korean Bailout Act.”
Curiously enough, below the article is a link to a video report, More GM Layoffs Likely, Company Says
Transportation Secretary Ray LaHood said, “[he] expects the program to spur sales of 250,000 new cars in the United States over the next few months,” adding “This will be a huge boost to car manufacturers across the country.”
Bruce Belzowski of University of Michigan says of critics to the program, “It’s hard to say they’re incompetent when the program is creating jobs, stimulating the overall economy and reducing emissions. Where’s the loss here?” He adds, “I don’t think it was meant to save the auto industry.”
Again, why are our tax dollars being given away like this?
