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Surprise! Free “Cash for Clunkers” Money is Popular

The “Cash for Clunkers” program got popular fast. That shouldn’t be a surprise, of course. It’s a program that gives away money to buy cars.

Congress hears you, America, and the House of Representatives just moved to top up the tank on that program. It passed a bill this afternoon to spend another $2 billion on the program. That’s on top of the $1 billion the program has already burned through.

The bill has not yet been made available to the public – it’ll show up here later.

The Senate has to act on it, of course, and Politico reports it might be a bumpy road.

And at the risk of taking even more fun out of the spending spree, here are the numbers: The original $1 billion was about $10.24 per U.S. family or $3.27 per person. That means the $2 billion in additional spending adds $20.49 per family or $6.55 per person.

Total cost of “cash for clunkers” so far: a little over $30 per family. Just under $10 per person.

The money actually comes out of a program in the Recovery Act, so it’s not new spending and you probably won’t miss it. But it’s good to have an idea what we’re talking about.

If a friend of yours gets a new car under the “cash for clunkers” program, he or she probably owes you a couple trips to the grocery store or something.

Update: The additional “Cash for Clunkers” spending bill is available and up on the site now.

Visitor Comments for Surprise! Free “Cash for Clunkers” Money is Popular RSS 2.0

fs

They should do this for cars that don’t run on gas.

Kurtz Metals

I’m encouraged that the Cash for Clunker program has been extended. Not only has it helped the struggling auto industry, but it has inadvertently helped auto recycling too. We’ve seen a significant increase in the amount of scrap vehicles since the program began.

WashingtonWatch.com Digest - August 10, 2009 - The WashingtonWatch.com Blog

[...] Senate passed the same version of “Cash for Clunkers” as the House, so the bill now goes to President Obama, who is expected to sign [...]

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