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Cash For Clunkers Part Deux: Yield Cordoba, Get 10K From Uncle Sam


1976 Chrysler Cordoba Sport Coupe

1976 Chrysler Cordoba Sport Coupe

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Richard Read just reported that the Senate passed car buyer-friendy legistlation yesterday, aimed at easing the financial burden of getting into a new car. Well, if Michigan Senator Debbie Stabenow gets her way, the deal will get even sweeter for owners of aging autos; they will be able to get up to $10,000 towards the purchase of a new U.S.-made vehicle via proposed legislature dubbed 'Cash For Clunkers.'

In all, the plan would cost the government nearly as much as the tally for recent federal bailouts of Chrysler and General Motors: $16 billion. That money would send 1.5 billion clunkers to the crusher and give up to $10,000 towards individuals who buy a U.S.-made vehicle that achieves better mpg than the clunker trade-in. The fine print stipulates that only families making $75,000 or less (gross adjusted income) will qualify.

Co-sponsor of the bill is Democrat Tom Harkin from Iowa. Cash For Clunkers is proposed as an amendment to the Senate stimulus plan that has already grown to an astonishing $900 billion.

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Comments (8)
  1. "Yeah, but it's probably illegal"

    The "US built" clause in the Cash For Clunkers plan most likely violates numerous international trade agreements about not favoring one's domestic industries over those of other countries. Countless countries do just that, of course, using *legal* measures, but from everything I read, the bill as written doesn't pass muster with international trade law.
     
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  2. "Better bailout program"

    as John V says it is probably illegal-but one big way to support Detroit that would not be illegal or piss off our trading partners would be to simply send medicare cards to every uaw member , current and retired while eliminating the insolvent and ill advised VEBA's. How can the EU or Japan complain since they already provide healthcare for their citizen-workers! complain
     
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  3. "????"

    Agreed, this definitely sounds like a violation of int'l trade agreements. Jersey Geoff, you have a good idea about healthcare (good to see another Geoff from NJ).
    Anyway, would these vouchers include Asian and European models manufactured in the US? This, and WAY too many other questions.... How is this supposed to work? Who oversees this cashing in/off to the crusher process? Will there be giant government-run facilities that feature DMV inspection centers, car crushers, check-processing stations, and GM-Ford-Chrysler dealerships? One-stop-shopping, I guess. And of course the ever-popular: Who is going to pay for this? (Well, at least there's a simple answer for that one.)
     
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  4. "Short Term Thinking"

    Seems like the government is focusing on short term solutions to systemic problems. It they succeed in driving up new car sales this year who will buy a new car 2 years from now? We need to give up the notion that we have to fix the economy immediately and focus on creating an environment for businesses and workers to thrive 5, 10 & 20 years from now. That means investing in an infrastructure that rewards the companies that develop new products and the consumers that purchase them.
     
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  5. "Cash for Clunkers"

    WHY DON'T WE SEND A SURVEY TO EACH RESIDENT AND ASK WHAT THEY ARE WISHING FOR. THEN LET UNCLE SAM (PELOSA(PLEASE LOOSE IT)SEND US THE CASH OUT OF HER FEDERAL WAGE AND ALLOWANCE. (SHE GETS FOR HER OFFICE NOW THAT SHE IS QUEEN OF THE HOUSE) IT AMAZES ME HOW ANYONE CAN BE STUPID ENOUGH TO BELIEVE THE GOVERNMENT HAS MONEY THEIR OWN. IT IS OUR TAX DOLLARS THEY ARE THROWING AWAY. IF YOU DON'T PAY TAX YOU SHOULD NOT EXPECT ANYTHING.
    YESTERDAY A PERSON CALLED TO TELL ME I QUALIFY FOR $25,000 ALL I HAD TO DO WAS GIVE HER ALL OF MY FINANCIAL INFORMATION. EVEN THE CROOKS ARE IN ON IT.
     
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  6. "Thar' She Blows!"

    This woman is NUTS! She needs to get connected to what we really need...and it's not cash for clunkers. To spend that much on this program shows how out of touch she is. We want JOBS and a REDUCTION in our TAXES! The Democrat's Disneyland of Pork Projects do not belong in this Anti-Stimulus Bill. I am angry that Pelosi and Reid are forcing this down our throats.
     
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  7. "Taxes"

    1/3 of Americans don't even pay taxes. I think my real rate is like 2-4% and I don't make little. I don't need to lower anyone's taxes - I need my job.
     
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  8. "Can you clarify your statement JKD"

    Unemployed, most children and elderly Americans don't pay any taxes, does your 1/3 statement cover them? Everyone who works (legally) pays payroll taxes, it's a flat rate but is capped. Also for every dollar you put in, your employer matches that. I personally make less than $100k but have to pay 38.6% overall (Including Federal, Self-Employment, State & Local). What ticks me off is that Warren Buffet has famously stated he pays 18% in taxes, Cindy McCain paid 26% on 4.1 million adjusted gross income. Someone please tell me why someone smack in the middle of the middle class has to pay twice the rate that someone who made over 200 million. I say we fix the tax code. Roll capital gains income in with all other forms, get rid of payroll taxes and use the federal income tax to pay for Soc and Medicare, set the personal exemption at the poverty threshold, let people add deductions and tax at a flat rate.
     
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