WASHINGTON – The government's "Cash for Clunkers" program – pitched as a plan to jump-start U.S. auto sales and clean up the environment by getting gas-guzzling vehicles off the road—may have been a clunker itself, according to a new economic study.
Researchers at Texas A&M, in a recently released report, measured the impact of Cash for Clunkers on sales and found the program actually decreased industry revenue by $3 billion over a nine-to-11-month period. Meanwhile, the "stimulus" also cost taxpayers $3 billion.
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