My Friend and Cash for Clunkers
I have a friend who is a strong supporter of President Obama. This guy's character is rock solid, he just has a blind spot about what government can and can't really do.
His son has a very high paying, high stress job in a major metropolitan area. This young man had his old truck vandalized, and because of that it's value fell so low that the Cash For Clunkers amount seemed like a good deal. He used the program to trade in his vandalized old truck for a Mazda Z car.
My friend thinks this is an example of an Obama program that worked. I told him that it amounts to me and him rolling our lazy carcasses out of bed every morning for three weeks just to repay the loan from China that Obama used to finance the young man's acquisition of a Japanese car. And the young man whose foreign car purchase we are subsidizing makes far more money than both of us put together.
If that is an example of an Obama "success", what will the failures look like?
posted by Mark Moore (Moderator) at Tuesday, August 25, 2009
3 Comments:
The bumpersticker is true:
"Work hard. Millions on welfare are depending on you."
Like every government program there will be the unintended consequence that the program will ultimately not address. Or maybe it will, but only with another program, and the cycle continues.
1. By destroying these so called "clunkers" we are removing a major market for used car parts that will become hard to find. Which in turn leads to what? That's right, higher prices for the parts needed for the older vehicle makes that would have still been available if we would not have melted them down and sent to China.
2. Also, many of these cars could continue to circulate in the used car market where the poor, or people with sub prime credit could afford to buy and have a vehicle. Now, we have created an atmosphere where some people will overextend and go into debt to get a new car because it sounds like a good deal. I have a friend in the used car business and he has already seen this exact behavior, and most of his customers are of a sub prime nature.
The government is out of control, and we must reign in the madness. I fear that the bus has already gone over the cliff, so the next step is to rebuild from the ashes that are inevitably upon us.
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