The Obama administration is continuing with its style of lavish spending, under the guise of stimulus package. It has gone ahead with the one billion dollar car sales promotion program , called cash-for-clunkers which was a run away success. Then the administration has added another two billion to the corpus and at the end of the scheme few days back, the US car industry has already seen a massive 700000 car sales.
And no guess for identifying the largest beneficiaries of the car program, which were Japanese car makers and not the US car makers. The top seven cars surrendered under the program were US company cars, while four out of the top five new fuel efficient cars bought were foreign made.
And experts fear that the US car companies might be heading for troubled times for the next two or three months because the cash-for-clunkers program would have forced many future buyers to advance their car purchases.
US cash for clunkers program helps 700000 car sales
August - 28 - 2009 - Friday
