Cash for Clunkers: The new Chairman of the President’s Council of Economic Advisers’ biggest claim to fame. President Obama just nominated Princeton economist Alan Krueger to be chairman of the president’s Council of Economic Advisers. Krueger’s greatest claim to fame was coming up with the ill-fated “Cash for Clunkers” program. The government bought thousands of cars, had no place to store them and no system in place to destroy them. So they rented abandoned Bush Stadium in Indianapolis and filled it with clunkers. Thousands and thousands of clunkers. As they say in the Obama administration, “It’s only money.”
This post was last modified on October 14, 2021
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Just another in a long line of economics advisors who have never applied what they know in the world outside of academia, & there's a reason for that. Guys like Krueger, Paul Krugman, Robert Reich, & "Big Sexy" Chistina Romer would have starved to death if they had to make a living in the private sector implamenting what they believe in.
My "favorite" part about Cash for Clunkers was that the people that the Democrats argue that they champion were the most hurt by the program. Hundreds of thousands of cheap used cars were taken out of the market permanently, which raised the wholesale prices of the surviving older used cars. So that person who could only afford a $2000 car suddenly had to pay $3000. The used car market was distorted for months after that stupid program. Forgive me if I seem to have no confidence in another academic from Princeton.
You are 100% correct that these theorists would not last a moment in the real world. They can not even grasp a basic supply and demand curve.
I suspect that the gubment had a plan that would try and make people start buying the electric/hybrid cars sooner in the future. and if the gubment shuts off the power, where are you going? The gubment has you where they want you. People can store/hide gasoline which they can't do easily with electricity. I don't want to DEPEND on our gubment which is what the generational welfare folks have did most of their lives. They'll be the first to cave in if the gubment ever declares martial law. Sorry for the long comment.
Are you Helen Thomas in drag ?
http://www.veteranstoday.com/2011/08/31/obama-krueger-end-the-nightmare-on-main-street/
The bulk of you will whine and cry about this blatantly true article.....But it will hopefully reach one or two.....Wake up America!
Please don't use this forum for self-promotion. Buy your advertising like anybody else.