Cash for Clunkers ended at 8 pm on Monday August 24 2009. The results are now in. According to a poll by CNW Research, one out of every four people who purchased a car under this govt program now regrets having participated in this govt program. And they haven’t even begun making new payments yet. As David Rosenberg observes, “nearly 700,000 sales with an average amount to finance of $16k means the govt induced the household sector to expand its balance sheet by $11 billion instead of doing the prudent thing” and learning how to live within our means.
When the govt cash-incentive schemes to induce consumers to take on ever-increasing loads of debt dries up, look out America!
