As expected, as soon as the "cash for clunkers" program lapsed, auto sales plummeted. September sales for GM fell 36 percent, Ford sales fell 37 percent and Chrysler sales dropped 33 percent. The September collapse in auto sales offset the sales generated by the cash for clunkers but unfortunately will not offset the hit to taxpayers of this foolish program.
The national debt is now higher because of the cash for clunkers program. The economy is no better off and car sales are about where they would have been before this waste of taxpayer money. Another lesson that never seems to get learned.
