Show Me the Money! (Or, Clunker Math)


UPDATE: Finally! Others (bloggers and liberal Congressmen) start asking the right questions…

O NOES! The Cash for Clunkers program has run out of money. That much seems certain. The program burned through the one billion dollars allocated to it in little less than a week. While Congress debates the merits of pouring billions more into the program, perhaps we should examine where the first billion went.

According to an AP release which has been widely reported, about 23,000 cars have been traded in and destroyed under the CARS program. Let’s be generous and presume that each of those “clunkers” qualified for the maximum $4,500 bounty.

clunker math 1

That means that approximately $100,000,000 (the clunker math above shows how we arrived at this figure) has been spent on rebates to customers taking advantage of taxpayers’ generosity (yes, that’s our money we’re talking about here).

But, but… the program was funded for one billion dollars. $100,000,000 is only 10% of the entire program. How can that be?

clunker math 2

What happened to the rest of the money, that 90%, that nearly $900,000,000? Nobody seems to be interested in that.

Was it spent in processing fees? Overhead? Bribes? Union pay-offs? Cash in the freezer? Cottages in Ireland? Bankrolling gay prostitution rings? Official military aircraft travel to home districts? Incompetence? Who knows?

Before we the taxpayers, in our infinite generosity and with our bottomless wallets, re-fund this program for another two to four billion dollars, could we please find out where the overwhelming majority of the first billion went?

THX BAI

UPDATE: Dr. Zero at HotAir’s Green Room writes about the Tao of the Clunker.

Stoutcat

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4 Responses to Show Me the Money! (Or, Clunker Math)

  1. [...] read Stoutcat’s eye-opening rant Show Me The Money (below) on Cash For Clunkers. I ‘ve also read the article from the AP which she links [...]

  2. josh says:

    O MY gosh.. r u serious? did u really write this article….. OK OK.. let me explain something to you since you obviously didnt DO ANY rsearch on it AT ALL.. Lets say u have $100 in the bank… and u dont have a debit card.. u just write checks… U go to gas stations -$40, you go to grocery -$40. YOU have spent 80 of the 100. Go to the bank, it says you only spent 40 when u know u spent 80. ONLY 23000 cars have been reimbersed.. That dealerships have cashed in since july 1st.. even tho it wasnt offical til july 24th. so 24 days went by, and so far the gvmt knows 10% of this money is GONE. NOT including ALL the PENDING paychex…. The gvmt is slow at paying the dealers… so after 3 or 4 days, ALL that money could possibly be depleted.. ALL the articles and gvmt saying that the money is GONE is pure safty net talk.. they dont know how many pending cars are out there and they dont want to keep it going when they very well could have already have the rest of the 220,000 cars they need to pay for to deplete the budget

    • Stoutcat says:

      SRSLY, Josh, wow! Pure safety net, eh? Why do you suppose it is that nowhere is that “safety net” reported as why the program needs re-funding so soon? Why can’t I find any reference to only 10% being gone? Can you point to any reputable article online where that next $2 billion of OUR MONEY is so described? (and I’m not referring to DKos or DU).

      K THX

  3. [...] heard a gazillion figures bounced around regarding the number of clunkers cashed in (from 23,000 to 133,767 to Ray Lahood’s guesstimate of 157,000 to who knows what whenever…) But the [...]

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