The Colossal Folly of Cash For Clunkers

Quoting Jeff Jacoby at The Boston Globe:

“Washington spent nearly $3 billion to raise the price of mobility for drivers on a budget…

Each incremental sale… ended up costing the taxpayers a profligate $24,000…

the reduction of carbon dioxide attributable to the program cost no less than $237 per ton. In contrast, carbon emissions credits cost about $20 per ton in international markets…

[Click here to understand why CO2 hysteria is counter-scientific.]

Associated Press calculated that replacing inefficient clunkers with new cars getting higher mileage would reduce CO2 emissions by around 700,000 tons a year — less than Americans emit in a single hour. Likewise, the projected reduction in gasoline use amounted to about as much as Americans go through in 4 hours. (And that’s only if you assume — contrary to historical experience — that fuel consumption decreases when fuel efficiency rises.)”

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(Click here to enlarge the image.)

In other words, this program was typical for D.C. bureaucrats.
The Ethanol Debacle is a close analog to this particular folly.
Click here for more on Cash for Clunkers.