One thing that made it harder for a while to buy a used car was Obama’s “Cash For Clunkers” program. That was the recession-era attempt to jump-start the economy, shore up the auto industry and help the environment by giving Americans taxpayer money to trade in their older cars on newer, cleaner models. It was the ultimate example of the Keynesian economics beloved by liberals: using government money to stimulate the economy.
Now, a detailed study of the results has been released by researchers at MIT and Texas A&M. It found that “Cash For Clunkers” was a clunker itself, failing on every level. It didn’t stimulate the economy, it was a costly and inefficient way to reduce carbon emissions, and it had no impact on auto sales in the short term and a negative impact longterm. This isn't mentioned, but the older cars were destroyed, which also depleted the inventory of used cars usually purchased by poorer people. So it cost a lot, made matters worse and hurt the people it was supposed to help. It truly was the ultimate liberal government program!