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Cash for Clunkers – The Sequel

Unleash Prosperity Hotline
Issue #272
1) Cash for Clunkers – The Sequel

Most of our readers will remember Obama’s imbecilic “cash for clunkers” auto trade-in program in 2009. The feds spent more than $3 billion paying people to trade in their old cars, if they bought a new car. A landmark study found that roughly 60% of the people who took advantage of the taxpayer handouts would have purchased a new car anyway. It was so brilliant only a politician could have thought of it.

But now our new green warrior president wants a 50% reduction in vehicle emissions by 2030. To do so he has to get cars with combustible engines off the road and replace them with expensive electric battery cars, like Teslas or Chevy Volts. Today 99% of the cars on the road are fueled by gasoline or diesel. EVs are still less than 5% of all new car sales.

So now for the Wall Street Journal reports to come anywhere close to meeting the Biden targets, “will require ongoing incentives to purchase electric vehicles, but also the return of a cash-for-clunkers type program.”

The Washington Examiner reports that last year “Senate Majority Leader Chuck Schumer proposed a $392 billion plan to provide drivers rebates to swap old gas guzzlers with zero-emission vehicles.” That’s TEN TIMES bigger than the Obama failed scheme.

We have a much better idea: how about we trade in Biden as president under the Cash for Clunkers program.

2) Mr. President: America Is NOT Systemically Racist

Joe Biden slurred his own country with his shameful charge last week of “systemic racism that is a stain our nation’s soul.”

We have prima facie evidence that America is NOT systemically racist. With apologies to those who are regular readers of the HOTLINE, we know you have seen this before, but it bears repeating: the chart below shows that Asian Americans (i.e. those with brown-skin) have the highest median household income – far higher than whites. How did that happen, Joe?  Hispanics are making rapid economic progress in America and are richer than in virtually any other nation in the world.

Are there people in our society who are dedicated to holding back black America? Absolutely, yes. They are the politicians and teacher union members who refuse to allow black children to go to good schools; they are people who will require black workers to put their retirement money in Social Security even though every day the system that robs them of opportunities to build up real wealth; they are the people who erected a welfare state that has plunged black Americans into three generations of poverty.

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