The postmortems of the Cash for Clunkers program are coming in and,frankly, there’s nothing good in them. The three top foreign automakers all increased their market percentage over the year-to-date trend and the three American companies lost sales.
Repeat: Thanks to President Jug Ears and his merry band of socialist thieves Foreign Car makers benefited and American automakers lost.
Furthermore, the top ten vehicles traded in are all American. Which means less demand for parts. Which hurts an already weakened sector of the American automotive production market.
Good Job Barry O!
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The fix was in for that result, since the new vehicles had to get better gas mileage than the clunkers turned in. The Big Three have been specializing more and more in trucks and truck variants, leaving the compact and small car market to the Oriental corporations.
It’s not quite as bad as you think, though. The ‘American’ corporations have sent much of their parts production overseas, while the Oriental corporations have been basing more of their lines here in the USA. A Toyota Corolla sold here has as many American-made parts as a Pontiac Grand Am – just over 50%.
It’s still a stupid move. They killed the used car market for some time (no buying a $500 beater for a year or two) and the economic boost is fleeting. However, compared with the rest of the stimulus feldercarb (cash for Acorn and Friends of Obama), this was a bright spot.
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