Here is a “I told you so” recap worth retelling. Because it teaches basic economics. Something left-leaning politicians ought to learn as well, but never do. If it worked for cars, we would have had more of it the past year.
The automobile cash for clunkers program was slated to fail for a multitude of reasons. I mentioned them early on.
The misconceived plan had disrupted the new car, the used car, and the scrap metal markets. As predicted here, it never added to the net amount of economic outlay. Plus, it cost taxpayers billions.
Furthermore, it set a bad example of government meddling. That accomplished lots of governmental mischief as a form of state capitalism.
All it did show was that politicians were “doing something” when they should have been sitting on their hands.
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