Cash For Clunkers IS Big Success!!!

"Cash for Clunkers" began July 24 with such overwhelming demand that the program, originally set to expire November 1, burned through funding with amazing speed. In the first week alone, the incredible demand depleted the entire budget of $1 billion. A second round of $2 billion in funds extended the program's life by a few weeks, but the program ended on August 24 with no plans to revive or extend it.

The success of the program has put 690,000 new fuel efficient cars on the road and has saved jobs in the auto industry. In some cases it has even brought laid-off employees back to work. For example, GM announced plans to reinstate almost 1,400 employees and add overtime for a substantial number of existing employees.

The government's $8,000 first time-home buyer tax credit has also seen tremendous success with first-timers making up 30% of all buyers in July. First-time buyers made up as much as half of all buyers in earlier months this year. As the tax credit reaches its expiration, the government may take a similar approach as with the Cash for Clunkers program- declaring it a success and unwinding the program.

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