FOR IMMEDIATE RELEASE CONTACT: John Kartch
8 SEPTEMBER 2009
202-785-0266
Presidential Math: Cash for Clunkers Spent $3 Billion to Save $375 Million
Today, Americans for Tax Reform (ATR) released calculations that show the economic failure of the “Cash for Clunkers” government sponsored program.
ATR President Grover Norquist said, “This is nothing more than the President using the guise of ‘green energy’ to cover-up yet another massive multi-billion dollar spending project. When are these people going to learn throwing money at the economy is not the answer?”
The analysis on the “Cash for Clunkers” program is below and can also be found on the web at www.atr.org.
o A “clunker” that gets 15mpg and travels 12,000 miles per year, consumes 800 gallons of gasoline per year
o A new “fuel-efficient” vehicle that gets 25mpg and travels 12,000 miles per year, consumes 480 gallons of gasoline per year
o The average clunker transaction reduces US gasoline consumption by 320 gallons/year
o With 700,000 vehicles participating in this program, that’s 224 million gallons/year saved because of this program – roughly 5 million barrels of oil/year
o 5 million barrels costs about $375 million at $75/barrel
o The “Cash for Clunkers” costs $3 billion
Congratulations President Obama, Speaker Pelosi and Leader Reid – you spent $3 billion of taxpayer money to save $375 million!
Americans for Tax Reform (ATR) is a non-partisan coalition of taxpayers and taxpayer groups who oppose all federal, state and local tax increases. For more information or to arrange an interview, please contact John Kartch at (202) 785-0266 or at [email protected]
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