'CASH FOR CLUNKERS' LOOKS LIKE A LEMON

摘要

When President Barack Obama made the "Cash for Clunkers" bill law on June 24, supporters like Senator Carl Levin (D-Mich.) hailed it as a great way to modernize America's car fleet and "accelerate national economic recovery." But don't expect either to happen in any meaningful way.rnThe problem with the law is that it is both underfunded and too narrow to generate a spike in showroom traffic. Standard & Poor's says the most it will do is boost sales by 3% for the year; a similar German program pushed sales up 30% a month this year. "This is a waste of taxpayers' money," says analyst John Wolkonowicz of Bos -ton research firm IHS Global Insight. "There won't be enough people who can take advantage of it."