Here’s the story:
a. Congress funds the program with $1 billion = $4,000/clunker = 250,000 total clunkers.
b. The program runs out of money after 1 week.
c. Average car sales per week = 125,000 cars
Conclusion: Someone got paid big time…and it’s not consumers.
Read the original breakdown at the Freaknomics blog.
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This makes me sick and even more infuriated with the ridiculous government spending that has been going on the past 7 months!