One more political question. What do you think of the “Cash for Clunkers” program? I understand the incentive is to get old fuel-inefficient models off the road and motivate people to buy new cars, thus boosting the economy. That makes sense to me. But the trade off is that if all the older model cars disappear from the used car lots because taxpayers are giving $4,500 each to have perfectly good cars crushed or shredded, where does does that leave the unemployed, disabled, or first time car buyers? They must assume debt they cannot afford just to get to work or the grocery store. What a waste.
Doesn’t it make more sense in a free market economy to let people with higher paying jobs buy the pricier cars and trade their older cars down to those just working their way up? That way everyone wins, not just the people with the better jobs. That has been the American way for decades.
I’m interested in your thoughts on the “Cash for Clunkers” program. Is it helping or hurting the economy? Good or bad and why?