More Evidence That Cash for Clunkers Didn't Run Out of Cash

Perhaps an edit is in order: "Through early Tuesday, the clunkers program had recorded 157,000 transactions worth $664 million." -Associated Press

My google news feed was pretty clear on this - half a billion has been spent, but they expect the other half to go by the end of the month so they will need to re-up.

Government gives $3,500 or $4,500 vouchers, many to people who do not need a new car, but want one (that's okay). The 14% of the population that actually pays more in taxes than they receive in benefits pay for the program (not okay). Dealers and manufacturers, with few exceptions, roll back incentives and rebates when CFC is implemented (not okay). Consumers pay as much, if mot more, for that new car, even with the vouchers, than they would had CFC never been implemented (not okay). The estimated cost of each trade-in under CFC to the taxpayer is between $24,000 and $43,000, depending on the analysis (not okay). Dealers and manufacturers essentially get the full benefit of the vouchers, rather than consumers, at the expense of the taxpayer (not okay). Prices of used cars rise as supply shrinks (not okay). Salvage yards and recyclers get screwed (not okay). Working class and working poor get shafted as there are fewer used cars to choose from at higher prices (not okay). More Americans, even if not all who traded in a car, go into deeper debt, at a time when the economy blows, and they should be building a cash cushion (not okay). This program is a real POS all around, unless you are a dealership, work at one, or are a automobile manufacturer.

At $1 billion, we're not even talking about 'real money' yet.