The Car Allowance Rebate System (CARS) or affectionately known as “cash for clunkers” program was infused with $1 billion dollars from Congress, originally this money was to last until November. Everyone knows this program was presented by Congress and the current Administration as a keen economic move to assist the car companies and by proxy the union auto workers.
The monetary scheming of Congress was a bit off; the money was exhausted within a week. Congress thought the program such a wonderful success they infused the program with an additional $2 billion dollars, scheduling this new infusion of cash to fund the program through Labor Day. Again, the shortsighted Congress miscalculated, the program is now to end August 24, 2009, as the funding is currently exhausted. Read the rest of this entry »