New study shows “Cash for Clunkers” program highly beneficial for U.S. economy
April 30th, 2010 - 2:07 am ICT by BNO NewsWASHINGTON, D.C. (BNO NEWS) – A study released by the U.S. Government Accountability Office (GAO) on Thursday shows the “Cash for Clunkers” program met key goals of stimulating the economy and improving vehicle fuel economy.
The “Cash for Clunkers” program, also known as the Consumer Assistance to Recycle and Save (CARS), was passed by Congress and signed into law by President Obama in June 2009. A December 2009 review of the program showed that 700,000 new cars were purchased or leased under the program, which increased Gross Domestic Product (GDP) by as much as $6.8 billion. That money created or saved over 60,000 jobs and will result in estimated greenhouse grass emissions reductions of nine million metric tons.
The new GAO report confirms the beneficial impacts of the CARS program. The report reviewed two key program goals: stimulating the economy and putting more fuel-efficient cars on the road. The report concluded that “the program achieved these broad objectives.”
Numerous representatives from Congress have echoed the results of the report, saying that the program ultimately was positive for both the environment and the economy.
“The CARS program is a classic example of how good environmental policy can also be good economic policy,” said Chairman Henry A. Waxman. “And it shows how Congress and President Obama have worked to get the American economy moving.”
“This report just confirms what we already knew; that Cash for Clunkers was the ultimate triple play, good for the economy, good for energy independence and good for the environment,” said Representative Ed Markey.
“The positive feedback I received about the Cash for Clunkers program from consumers, car dealers, auto parts suppliers and auto manufacturers across Michigan was further confirmed by this GAO report,” said Representative Bart Stupak. “Cash for Clunkers was a win-win that resulted in cleaner cars on the road and an increase in sales for the struggling auto industry and I was proud to sponsor and vote for this program.”
- Statement by President Obama on the passage of the Cash for Clunkers extensions - Aug 07, 2009
- Senate Voting Approves "Cash For Clunkers" Bill - Aug 07, 2009
- President Obama Announces National Fuel Efficiency Policy - May 19, 2009
- The "Boondoogle": Car Clunker Stampede - Aug 05, 2009
- US government's 'Cash for Clunkers' program expensive way to reduce CO2 - Aug 15, 2009
- Detroit Auto Show 2012 in full swing - Jan 10, 2012
- Chrysler, Ford sales up in January - Feb 02, 2012
- US retail sales up in September - Oct 16, 2011
- Obama Administration disapproves of passage of EPA Endangerment Rule - Jun 09, 2010
- Rep. Waxman expressed dissapointment with BP's internal investigation into oil spill - May 28, 2010
- Obama blames growing demand in India, China for rising gas prices - Jul 30, 2011
- GM revival touted by Obama as bailout success - Nov 24, 2010
- Citing India, China demand, Obama calls for reducing oil appetite - Mar 31, 2011
- Inflation data key to rate cut: Australian central bank - Oct 18, 2011
- US finalises new fuel economy standards for vehicles - Apr 02, 2010
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