White House Economist: ‘No Reason’ to Alter Cash for Clunkers
House lawmakers are on the floor as we speak debating a bill to provide $2 billion more to what proved to be a tremendously popular cash for clunkers program. And, while some lawmakers would like to see the conditions of that program changed to encourage the purchase of more fuel efficient cars, White House economist Jared Bernstein just told MSNBC that the administration likes the guidelines just as they are.
“I don’t think there’s any reason to go out and change the rules,” he said.
Right. Why change a program that provides $4,500 in taxpayer money to drivers who trade their 14-mpg GMC Sierras for brand new 16-mpg Hummer H3s? So much for the environmental benefits of the program.