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WASHINGTON – Transportation Secretary Ray LaHood says the government has approved $1.22 billion in reimbursements to car dealers for sales under the Cash for Clunkers program.
LaHood said Thursday the government is on track to pay eligible dealers by a Sept. 30 deadline. More than 40 percent of the applications from dealers have been paid.
The rebates led to more than 690,000 new car sales at a taxpayer cost of $2.88 billion. Auto dealers have said the Obama administration has been slow to pay them for the car incentives, which ended on Aug. 24.
Okay, so we paid out $1.22B to car dealers as reimbursements for 690,000 car sales. That's good right. Stimulates the economy and all. Three cheers..... Hip, hip, horay.......
........ And the program had a taxpayer of cost $2.88B.... Oh, that must mean that the difference between what was reimbursed to car dealers for car sales and the cost of the program comes in administrative and processing cost.
We spent $2.88B (total cost) minus $1.22B (reimbursements) equals $1.66B (admin & processing costs)
$2.88B ($1.66B in unrecoverable fee's) to "stimulate the economy" to the tune of $1.22B
Brilliant......... a whooping return on investment of minus 116%
Heeeey, let's let the government take over health care. What could go wrong?
Last edited by Patriot_in_NY; 09-10-2009 at 10:48 AM..
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Really great argument, but the operative word here seems to be approved $1.22 billion.. the way I read is the rest is being processed, $1.66 Billion... with everything completed by September 30th.. capiche???
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
He screwed up the stimulus part too. I'd say a fair guess on the rebate would be about 1/3rd of the cost of the car. So the actual stimulus of the plan, the total value of the sales resulting from it, is more like 9 billion.
__________________
Give a man a gun and he can rob a bank, give a man a bank and he can rob everyone.
Last edited by sdaniels7114; 09-10-2009 at 12:13 PM..
He screwed up the stimulus part too. I'd say a fair guess on the rebate would be about 1/3rd of the cost of the car. So the actual stimulus of the plan, the total value of the sales resulting from it, is more like 9 billion.
Since you're making up numbers as you go, why not 12 billion? 20 billion? Heck a cool trillion? Stimulus, stimulus everywhere.
Hey, what percentage of car dealers have now been reimbursed?
LOL
__________________ “If you have been voting for politicians who promise to give you goodies at someone else's expense, then you have no right to complain when they take your money and give it to someone else, including themselves.” ~ Thomas Sowell
He screwed up the stimulus part too. I'd say a fair guess on the rebate would be about 1/3rd of the cost of the car. So the actual stimulus of the plan, the total value of the sales resulting from it, is more like 9 billion.
You're assuming that not a single one of those buyers would have bought a car without this stupid program. A lot of the buyers would have bought a car either in that window of in the next 6 months or so; those buyers shouldn't count for obvious reasons but we'll never know who, or how many, they are so we are stuck with whatever numbers they want to throw at us.
You're assuming that not a single one of those buyers would have bought a car without this stupid program. A lot of the buyers would have bought a car either in that window of in the next 6 months or so; those buyers shouldn't count for obvious reasons but we'll never know who, or how many, they are so we are stuck with whatever numbers they want to throw at us.
I'm not assuming anything. The fact remains that lots of cars were sold and that's stimulus, end of story.
Just about everyone who sells stuff has a sale at one time or another. The reasons I suspect are buried in a greater understanding of sales management and marketing than I have. I just know they all do it. According to your thinking the local supermarket should never have a week where paper towels are 1/2 price, because they could have sold them at full price some other time. They still think discounting helps stimulate sales.
__________________
Give a man a gun and he can rob a bank, give a man a bank and he can rob everyone.
Okay, so we paid out $1.22B to car dealers as reimbursements for 690,000 car sales. That's good right. Stimulates the economy and all. Three cheers..... Hip, hip, horay.......
........ And the program had a taxpayer of cost $2.88B.... Oh, that must mean that the difference between what was reimbursed to car dealers for car sales and the cost of the program comes in administrative and processing cost.
We spent $2.88B (total cost) minus $1.22B (reimbursements) equals $1.66B (admin & processing costs)
$2.88B ($1.66B in unrecoverable fee's) to "stimulate the economy" to the tune of $1.22B
Brilliant......... a whooping return on investment of minus 116%
Heeeey, let's let the government take over health care. What could go wrong?
It's not like the $1.66B is going up in flames in Iraq. The money is being pumped into the economy. Stimulus.
It's not like the $1.66B is going up in flames in Iraq. The money is being pumped into the economy. Stimulus.
Taking money from some people and redistributing it to other people, does not stimulate the economy. This type of government influence only hurts the economy in the long run.
__________________ “If you have been voting for politicians who promise to give you goodies at someone else's expense, then you have no right to complain when they take your money and give it to someone else, including themselves.” ~ Thomas Sowell
More Obama Math........
Linear Mode
