-By Warner Todd Huston
Obama’s “Cash for Clunkers” program was his idea to save American auto buyers money and help “green” the roads at the same time. But the program was a monumental failure. It was so bad it has now been determined that it didn’t save anyone anything. In fact, it cost America 6 billion in wasted dollars!
Along with the obvious problems with the program that showed up right at the beginning, now that the long term effects are starting to be quantified, it has become clear that the program forced auto buyer to spend less on their autos tan they would have costing the auto industry some $3 billion in sales.
A new study written by Mark Hoekstra, Steven L. Puller and Jeremy West and published by the National Bureau of Economic Research has found that the program caused buyers to spend about $4,600 less per purchase. Totaled that is about a $3 billion loss in revenue to the auto industry.
Then you add the other 3 billion Obama lavished onto the auto industry and we get $6 in federal waste.
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Failure: ‘Cash For Clunkers’ Cost America $6 Billion in Wasted Money”
Remember how our liar in chief said that under his all powerful Obamacare law medical costs would go down? That apparently was the next lie of the year after his lie that we could all keep our doctors and insurance if we liked it as spending on healthcare exploded in the first Obamacare quarter and it’s now higher than ever.
By all accounts the Interstate 5 bridge collapse in Washington State was a result of an over sized truck load as opposed to “failing infrastructure.” But a plea for greater federal spending figured prominently in many reports on the accident nonetheless.
Old NBC News hand Tom Brokaw made an appearance on MSNBC’s The Cycle on March 4 and criticized President Obama for campaigning too much instead of governing. Brokaw also castigated Obama for refusing to negotiate with Republicans over the budget impasse and the sequester cuts.
Despite some $430 million in tax breaks for Hollywood in last year’s “fiscal cliff” deal, DreamWorks Animation CEO Jeffrey Katzenberg has announced that he is cutting 350 people by the end of the year.
No good deed goes unpunished in New York as the state has abruptly cut off a contract with the independent auditor who found that the city and state had been wasting federal money meant to be spent on Hurricane Sandy recovery efforts.
William Kristol, Editor of the Weekly Standard, seems to have decided that retreat is the way forward for the Republican Party. In a new
In a myopic report on the GOP’s half of the Fiscal Cliff debate, The Hill claimed there was no opposition to Republican House Speaker John Boehner’s sudden caving in to President Obama’s demand that tax hikes accompany any solutions to the budget mess.
Grover Norquist worries that Obama is like a bad episode of Seinfeld and might prove unable to learn from his past mistakes pushing us over the fiscal cliff whether we like it or not.
This is why no one in government lives in the real world. The Congressional Budget Office (CBO) said this week that extending unemployment creates jobs Good lord, if these idiots truly believe this garbage, we need to nuke Washington D.C.!
In a very business-like manner The Hill published a 
Jonathan Chait has made his choice for 2012. Unsurprisingly, it’s Obama. But wait, there’s more. Chait decided to tell us exactly why he chose Obama in a
Jim McElhatton of the Washington Times has
It was only minutes after news broke that Paul Ryan was Romney’s likely pick for Vice President that
On Friday, July 20, Politico reported that GOP leadership in the House beat back an attempt by recalcitrant members of their own caucus to continue to quietly support the sort of pork spending that gave us Solyndra in the first place.
Well, after the news from the Obama administration of its “highly successful 1603 tax program” the fantastic program that is responsible for successfully creating literally dozens of jobs at a mere cost of 10 billion tax dollars, why, I don’t want to hear you naysayers out there dissing the big guy again!
Apparently Obama and his administration operate under that old, underhanded adage that if you tell a lie long enough and loud enough it becomes “truth” because Obama has done it again by lying about how his jobs bill was to have been instrumental in the repairs of bridges that span the Ohio River.