The US government’s “Cash for Clunkers” continues to motor forward. It is hoped that with the additional $2 billion added to the fund, the program can continue in overdrive for the rest of the summer.
CNN reported the initial statistics that 83% of the “clunkers” are in the truck and SUV category, while 60% of the purchases are passenger cars. This confirms a pronounced tendency away from trucks and towards cars.
Of all the billions of stimulus money, this is the one program that had a quick effect — and the one program that was put in the hands of the American people. Perhaps had more stimulus money been put in our hands — and not controlled by various bureaucrats at all levels — more money could have been used to jump-start the economy quicker.
As it stands now, it is likely that the recession will be over (some are saying it has already bottomed out) before the majority of the stimulus funds are spent. Perhaps the economy didn’t need that much stimulus after all.