August 10, 2009

Is Cash for Clunkers Junk?

Bob Rinear is founder of Invest Yourself and publisher of the Financial Intelligence Report. During his long career as an entrepreneur, Bob has been an avid student of global economics.

According to Bob, the "Cash for Clunkers" program basically works like this: You can take a vehicle that doesn't get very good fuel mileage to your local dealership. The dealership then receives a voucher worth up to $4,500 for you to buy a new, more fuel efficient vehicle. The vehicle you're buying has to get at least four more miles per gallon than the car you're trading in on a combined city/highway mpg basis.

Bob described how the plan was passed a couple of months ago but when it finally started, it ran out of money in four and a half days. The problem with this plan is that "Uncle Sam" is broke so everything the government spends is borrowed money. So, the money for this program isn't "new" borrowed money but instead is a slice of the monies already appropriated for stimulus use.

The second half of the program dealt with government control of communications. In that regard, Vic presented information about how the federal government is seeking examples of criticism that citizens have received concerning the topic of health insurance reform.

More Information

http://www.investyourself.com

Capitol Switchboard
202-224-3121

To order today's program on CD or Cassette for a donation of $6.00

Online: Use the link at the top of this entry

By mail:

Crosstalk
3434 W. Kilbourn Ave.
Milwaukee, WI 53208

By phone: 1-800-729-9829 M-F 8am-5pm Central