nnuut
Moderator | TSP Talk Royalty
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The big up tick in the GDP yesterday came in higher mostly due the Cash for Clunkers Program, I don't buy it!! Look at the numbers.:nuts:
White House fights back on Cash for Clunkers
Obama administration goes to battle with Edmunds.com on Cash for Clunkers analysis, saying the program contributed heavily to last quarter's economic expansion.
By David Goldman, CNNMoney.com staff writer
Last Updated: October 30, 2009: 3:53 AM ET
What I got with Cash for Clunkers
Take a peek at the heaps (no offense) these 6 turned in -- or tried to turn in -- to get their Cash for Clunkers deal. View photos
Are things really getting better?
Last quarter, the economy grew by the largest amount since the summer of 2007, but there are signs that things are still getting worse. See gallery
NEW YORK (CNNMoney.com) -- The Obama administration on Thursday lashed out at a prominent critic of its Cash for Clunkers program, arguing that the popular trade-in initiative helped give the auto industry and the economy a much needed boost in the past few months.
In a blog post on whitehouse.gov, the administration argued that a report on Clunkers by automotive Web site Edmunds.com "doesn't withstand even basic scrutiny" and is based on "implausible assumptions."
On Wednesday, Edmunds.com released a study that argued Cash for Clunkers did not have a great impact on the auto industry. The report said that 690,000 new vehicles were sold under the program last summer, but that only 125,000 of them would not have been sold without the Clunkers rebates.
As a result, the report said, the administration's economic claims for the program "have been rendered quite weak."
The Clunkers program gave car buyers rebates of up to $4,500 if they traded in less fuel-efficient vehicles for new vehicles that met certain fuel economy requirements. A total of $3 billion was allotted for those rebates.
The Edmunds report also said that taxpayers shelled out an average of $24,000 per car sold as a result of the program.
http://money.cnn.com/2009/10/29/new...use_response/index.htm?postversion=2009103003
White House fights back on Cash for Clunkers
Obama administration goes to battle with Edmunds.com on Cash for Clunkers analysis, saying the program contributed heavily to last quarter's economic expansion.
By David Goldman, CNNMoney.com staff writer
Last Updated: October 30, 2009: 3:53 AM ET
What I got with Cash for Clunkers
Take a peek at the heaps (no offense) these 6 turned in -- or tried to turn in -- to get their Cash for Clunkers deal. View photos
Are things really getting better?
Last quarter, the economy grew by the largest amount since the summer of 2007, but there are signs that things are still getting worse. See gallery
NEW YORK (CNNMoney.com) -- The Obama administration on Thursday lashed out at a prominent critic of its Cash for Clunkers program, arguing that the popular trade-in initiative helped give the auto industry and the economy a much needed boost in the past few months.
In a blog post on whitehouse.gov, the administration argued that a report on Clunkers by automotive Web site Edmunds.com "doesn't withstand even basic scrutiny" and is based on "implausible assumptions."
On Wednesday, Edmunds.com released a study that argued Cash for Clunkers did not have a great impact on the auto industry. The report said that 690,000 new vehicles were sold under the program last summer, but that only 125,000 of them would not have been sold without the Clunkers rebates.
As a result, the report said, the administration's economic claims for the program "have been rendered quite weak."
The Clunkers program gave car buyers rebates of up to $4,500 if they traded in less fuel-efficient vehicles for new vehicles that met certain fuel economy requirements. A total of $3 billion was allotted for those rebates.
The Edmunds report also said that taxpayers shelled out an average of $24,000 per car sold as a result of the program.
http://money.cnn.com/2009/10/29/new...use_response/index.htm?postversion=2009103003
..and I'd say nearly 85% of the vouchers I examined, were for foreign car sales...
