Harkin Proposes $10K Auto Purchase Rebate

[stephanie]

:wtf:

POSTED: 12:54 pm CST December 12, 2008
UPDATED: 1:39 pm CST December 12, 2008


DES MOINES, Iowa -- Sen. Tom Harkin is proposing new legislation that he said would increase the demand for American cars.

Along with Sen. Dick Durbin, of Illinois, Harkin introduced a bill earlier this week that in turn would take older, less-fuel-efficient cars off the road, while also giving buyers a big bonus.


The Sell Fuel Efficient Cars Act would provide a rebate of $10,000 to buyers who trade in a car more than 10 years old for a new American car.

Officials said the reason for the act is to help create demand for American cars and preserve jobs in the weak economy.

The rebate would be limited to families with an adjusted gross income below $40,000 a year or individuals making less than $25,000.


read it all here..
http://www.kcci.com/news/18265758/detail.html

[Immanuel]

Another bad idea and another attempt at hiding the idea of redistribution of wealth as this rebate would only be available to couples earning less than $40k/year or individuals earning less than $25k.

Just another attempt at bailing out the Auto Industry without appearing to bail out the industry.

Immie

[darin]

(sigh)...how lame.

[crin63]

More smoke and mirrors. The people who qualify for the rebate cant qualify for a loan and probably cant afford car payments anyway. It won't help them but it looks like someone is doing something. Then the government can be in the business of giving away free cars when they have to bailout these people for enticing them to buy something they cant afford.

A perpetual cycle of giveaways and bailouts coming your way.

[darin]

this will cause folk buying 12 year old wrecks for $500 just to get $10000 off a new car, which they will immediately sell for $5000 off MSRP to make $4500 profit.