The "Cash for Clunkers" program - giving car owners up to $4,500 to trade in and destroy the engines of their gas guzzlers as a credit toward a new car has been amazingly successful. Sort of.
Car dealers are smiling. They haven't seen sales numbers this high in years. Some have depleted their inventory. New cars are moving off the lots as fast as they're trucked in (by fuel guzzling tractor trailers...). You have to be happy for the car dealers. They haven't exactly had the best year up to this point.
And thousands of people who wanted a new car but couldn't come up with a down payment are driving away with their American dream. They're loving that new car smell. For now.
But that billion bucks that as of this morning went through Uncle's fingers like water, and the 2 billion in additional funds to keep the sales going being requested by the Prez - where is it coming from?
Do you feel your wallet shrinking? Welcome to the world of "government" financed incentive programs.
So if you are a recipient of some of this cash for your clunker, please at least wave at me and smile as a gesture of thanks for your new ride. I'll keep driving my 8 year old gas sucking truck until with my money - not yours - I can afford something newer.
Just wondering...is this anything like a Ponzi scheme?