The Obama Administration is likely going to discuss how it plans to wind down the cash for clunkers program, according to, among others, the AP
Transportation Secretary Ray LaHood said yesterday that the administration will talk about winding down the program by the end of the week. The department has already talked to various trade groups and car dealers.
The program – here's an article on how Jack Hidary and a few others made it come about – has been wildly popular with consumers and goosed car sales. After the first billion ran out, Congress found $2 billion more. Under the program, consumers can get $3,500 to $4,500 toward a new, energy-efficient car if they get rid of their old one. But the rebates have been coming in slow and analysts have complained that the funding comes at the expense of other program. Former President Bill Clinton (whom I admire and have always wanted to go to Jack in the Box with) even proposed a cash for clunkers program for electric cars. But that was probably before he realized it sort of exists in the $7,500 credit for buying electric vehicles.
But advocates point out that it's one of the few ways to get smelly, old cars off the road and boost consumer spending. Think of it. There hasn't been this much discussion about American-made cars since the premiere of Eat My Dust starring Ron Howard.
So stay tuned tomorrow.
Pre-emptive correction: I almost added that EMD co-starred Lyle Waggoner. He was actually in the original Gone in 60 Seconds.




