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.