Thursday, July 30, 2009

250K Cars Sold

The news tonight that the fabled Cash for Clunkers program is out of money, less than a month after being passed and three days after applications began being accepted, is a good thing.

From the New York Times:
About a quarter-million vehicles were sold under the program, which offered payments of $3,500 to $4,500 for people who traded in old cars for new ones that had higher fuel economy. The average payment worked out to about $4,000, and the total payout, about $1 billion, the amount allocated by Congress under the program, formally called the Car Allowance Rebate System, or CARS.

Republicans like our Representative Scott Garrett who voted against the program the first and second time should take heart: A tax incentive for real people actually worked.

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