“Cash for Clunkers” program a good, sensible idea
Wednesday, January 14th, 2009
Three U.S. senators — two Democrats, one Republican — introduced a bill today that would create a national incentive program for the voluntary retirement of inefficient vehicles. The four-year program would apply to anyone who had a driveable vehicle registered for four months or longer that got no more than 18 miles per gallon. The vehicle owner would have the option of turning in the car, truck or SUV to be scrapped in exchange for a credit of $2,500 to $4,500. The credit could be applied toward the purchase of a new fuel-efficient vehicle or, in the form of a voucher, could be redeemed for transit fares.
If passed, the bill would aim to encourage the early retirement of up to one million vehicles each year — four million in total. “If enacted, this bill would be an important part of helping getting America’s struggling automobile industry back on its feet — and help consumers who are concerned about covering the cost of buying a more fuel-efficient vehicle,” said Democrat Dianne Feinstein of California.
What’s good about this bill is that it would create economic stimulus and help achieve the goals of emission reductions and energy security. (more…)
Tyler Hamilton is editor-in-chief of Corporate Knights magazine and a business columnist for the Toronto Star, Canada's largest daily newspaper. In addition to this Clean Break blog, Tyler writes a weekly column of the same name that discusses trends, happenings and innovators in the clean technology and green energy market. This blog is a personal project started in April 2005. It is not an official blog of the newspaper.
