Tony The Misfit/Flickr
The government says cash for clunkers was a success, but not everyone agrees.
The government says cash for clunkers was a success, but not everyone agrees. Tony The Misfit/Flickr
On today's Planet Money:
Jeremy Anwyl, the chief executive of Edmunds.com, defends his company's latest report about the effectiveness of the much-hyped and recently closed Cash for Clunkers program. Edmunds found the program added only 125,000 in sales at a cost of $3 billion, or $24,000 per new car. Austan Goolsbee, a University of Chicago economist currently serving as a member of the Council of Economic Advisers, disagrees. The CEA estimates Cash for Clunkers added closer to 450,000 sales that would not have otherwise occured. And Alan Blinder, the renowned Princeton economist, takes a break from his train ride to weigh in.
After the jump, bonus reading.
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Edmunds: Cash for Clunkers Results Finally In: Taxpayers Paid $24,000 per Vehicle Sold
White House Blog: Busy Covering Car Sales on Mars, Edmunds.com Gets It Wrong (Again) on Cash for Clunkers
Edmunds: Response to White House Comments on Cash for Clunkers Analysis