Premature Withdrawal

Just when things were going good, they pulled out.

Cash For Clunkers, the government program that allowed you to get up to $4500 for a car worth maybe $500 in exchange for a new car is gone. It was originally supposed to last until fall but ran out of money in 4 days. Congress administered CPR and announced it was good to go until Thanksgiving.

But they were only kidding.

As of Monday, August 24 it is gone. This time for good.

Designed to stimulate the economy, help the auto industry, replace gas guzzlers with fuel efficient cars, the program finally died after only a few weeks.

Through Thursday, auto dealers have made deals worth $1.9 billion and are on pace to exhaust the program’s $3 billion in early September. The incentives have generated more than 457,000 vehicle sales. Administration officials said they have reviewed nearly 40 percent of the transactions and have already paid out $145 million to dealers.

Isn’t that special?

President Barack Obama said in an interview Thursday that the program has been “successful beyond anybody’s imagination”

Let me see if I have this right.

A program that was supposed to last through the fall ran out of money after 3 weeks and has crashed and burned. This is Washington’s idea of success?

Kind of makes you wonder if this same criteria will be used on Obamacare.

“Yes, I understand your new heart is available but we have run out of money. Maybe next year.”

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