It's Official: The Stimulus Isn't a Waste of Money
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JWBooth
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Of course, the source is the state and one of its house organs, but thanks, I needed a chuckle this morning.
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Dick Tuck
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'Cash for Clunkers' proved a success
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The annual rate of new car sales was hovering around 9 million units before the program started and sales have generally stayed in the 11 million unit level since the program ended last September, boosting both auto production and sales by auto suppliers.
By the time program wrapped up in September 2009, virtually every dealer in the U.S. had participated in the program, according to figures compiled by the U.S. Department of Transportation and the Detroit consulting firm of Urban Science.
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John McEleney, chairman of the National Automobile Dealers Association, was one of the major supporters of the program. The dealers association heavy lobbying is believed to have been responsible for its broad bi-partisan support.
“Cash for Clunkers is a resounding success,” he said.
“With the additional $2 billion, even more clunkers will be taken off the road and replaced with more fuel-efficient vehicles. Extending the clunkers program benefits the environment and the economy. It’s the best kind of stimulus,” McEleney said.
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The clunkers program also was heralded recently by the American International Automobile Dealers Association of Alexandria, Va. “The government funded effort jump-started the weak auto retail market at a critical juncture,” association officials said.
A National Automobile Dealers Association survey indicated consumers were purchasing or leasing vehicles eligible for the higher $4,500 credit, which required a 10 miles per gallon improvement over the trade-in by a two-to-one margin over the $3,500 credit.
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Overall, sales totaled 677,842 between July 1, 2009 and Aug. 24, 2009, and the consumer survey indicates that as many as 88 percent occurred because of the incentives offered under the program, DOT said in its report.
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The annual rate of new car sales was hovering around 9 million units before the program started and sales have generally stayed in the 11 million unit level since the program ended last September, boosting both auto production and sales by auto suppliers.
By the time program wrapped up in September 2009, virtually every dealer in the U.S. had participated in the program, according to figures compiled by the U.S. Department of Transportation and the Detroit consulting firm of Urban Science.
...
John McEleney, chairman of the National Automobile Dealers Association, was one of the major supporters of the program. The dealers association heavy lobbying is believed to have been responsible for its broad bi-partisan support.
“Cash for Clunkers is a resounding success,” he said.
“With the additional $2 billion, even more clunkers will be taken off the road and replaced with more fuel-efficient vehicles. Extending the clunkers program benefits the environment and the economy. It’s the best kind of stimulus,” McEleney said.
...
The clunkers program also was heralded recently by the American International Automobile Dealers Association of Alexandria, Va. “The government funded effort jump-started the weak auto retail market at a critical juncture,” association officials said.
A National Automobile Dealers Association survey indicated consumers were purchasing or leasing vehicles eligible for the higher $4,500 credit, which required a 10 miles per gallon improvement over the trade-in by a two-to-one margin over the $3,500 credit.
...
Overall, sales totaled 677,842 between July 1, 2009 and Aug. 24, 2009, and the consumer survey indicates that as many as 88 percent occurred because of the incentives offered under the program, DOT said in its report.
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Dick Tuck
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White House cites Mass. battery company for stimulus success
It'll be nice manufacturing our own lithium batteries, rather than depending on Korea.
A123 Systems Opens the Largest Lithium Ion Automotive Battery Manufacturing Plant in North America
New Facility in Livonia, Mich. Significantly Expands A123's Production Capabilities to Meet Increasing Global Demand; Company Expects to Create Thousands of Jobs in Michigan
The White House is citing a Massachusetts battery company as evidence of the success of the stimulus act.
According to a new report due out today, A123 is using $249 million in stimulus money to build its new factories in Michigan.
According to a new report due out today, A123 is using $249 million in stimulus money to build its new factories in Michigan.
It'll be nice manufacturing our own lithium batteries, rather than depending on Korea.
A123 Systems Opens the Largest Lithium Ion Automotive Battery Manufacturing Plant in North America
New Facility in Livonia, Mich. Significantly Expands A123's Production Capabilities to Meet Increasing Global Demand; Company Expects to Create Thousands of Jobs in Michigan
A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate™ lithium ion batteries and systems, today announced the grand opening of the largest lithium ion automotive battery production facility in North America, based on available data. The new plant in Livonia, Mich. is expected to expand A123's manufacturing capabilities by up to 600MW hours per year when fully operational, contributing to the company's plan to expand global final cell assembly capacity to more than 760MW hours annually by the end of 2011. The opening of the Livonia factory comes just over one year after A123 was awarded a $249 million grant from the U.S. Department of Energy (DOE) as part of the American Recovery and Reinvestment Act to help the company execute its strategy to ramp up U.S. manufacturing capabilities to meet increasing, market-driven demand for its innovative technologies.
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boedicca
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All Cash for Clunkers did was pull demand forward; car sales subsequently dropped after the program expired.
The battery jobs cost $954,000 each - a good example of why creating capital inefficient green jobs just sucks the oxygen out of the economy, resulting in less job creation elsewhere.
The battery jobs cost $954,000 each - a good example of why creating capital inefficient green jobs just sucks the oxygen out of the economy, resulting in less job creation elsewhere.
Dick Tuck
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Had you actually read the article, you'd know you were wrong.
The annual rate of new car sales was hovering around 9 million units before the program started and sales have generally stayed in the 11 million unit level since the program ended last September, boosting both auto production and sales by auto suppliers.
Had you read the A123 press release, you'd know you were wrong.
The new plant in Livonia, Mich. is expected to expand A123's manufacturing capabilities by up to 600MW hours per year when fully operational, contributing to the company's plan to expand global final cell assembly capacity to more than 760MW hours annually by the end of 2011. The opening of the Livonia factory comes just over one year after A123 was awarded a $249 million grant from the U.S. Department of Energy (DOE) as part of the American Recovery and Reinvestment Act to help the company execute its strategy to ramp up U.S. manufacturing capabilities to meet increasing, market-driven demand for its innovative technologies.
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SFC Ollie
Still Marching
At the end of the program Toyota accounted for 19.4 % of sales, followed by General Motors with 17.6 %, Ford with 14.4 %, Honda with 13.0 %, and Nissan with 8.7%.[1][12] It led to a gain in market share for Japanese and Korean manufacturers at the expense of American car makers, with only Ford not taking a significant hit.
Car Allowance Rebate System - Wikipedia, the free encyclopedia
However, almost all of the additional purchases under the program were pulled forward from the very near future; the effect of the program on auto purchases is almost completely reversed by as early as March 2010 – only seven months after the program ended. The effect of the program on auto purchases was significantly more short-lived than previously suggested. We also find no evidence of an effect on employment, house prices, or household default rates in cities with higher exposure to the program.
The Verdict on Cash for Clunkers: a Clunker - NYTimes.com
Dick Tuck
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I guess you have to determine who you believe. The Freakonomics blog that you cited, or the chairman of the National Automobile Dealers Association, who I cited. Perhaps it's just me, but I tend to give more credibility to the latter.
daveman
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Oh, yeah, the NADA (whose members benefited from the program) would certainly have no reason to overstate the program's effectiveness.
Dick Tuck
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Oh, yeah, the NADA (whose members benefited from the program) would certainly have no reason to overstate the program's effectiveness.
Either they're telling the truth or they're not. They claim that prior to the start of the program, their annual car sales was at 9 million, a 40 year low. After the program ended, the rate has been 11 million annualized units on average. I would think if they had an incentive to lie, it would be to try to get the program extended, rather than claim it did its job and now it's over.
I'd certainly give them more credence than a right wing spin blogger. At least the article I printed has multiple corroborating and credible sources.
daveman
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"They agree with what Obama tells me, so it's the truth." That's all you need to post, Dick.Oh, yeah, the NADA (whose members benefited from the program) would certainly have no reason to overstate the program's effectiveness.
Either they're telling the truth or they're not. They claim that prior to the start of the program, their annual car sales was at 9 million, a 40 year low. After the program ended, the rate has been 11 million annualized units on average. I would think if they had an incentive to lie, it would be to try to get the program extended, rather than claim it did its job and now it's over.
I'd certainly give them more credence than a right wing spin blogger. At least the article I printed has multiple corroborating and credible sources.
SFC Ollie
Still Marching
Oh, yeah, the NADA (whose members benefited from the program) would certainly have no reason to overstate the program's effectiveness.
Either they're telling the truth or they're not. They claim that prior to the start of the program, their annual car sales was at 9 million, a 40 year low. After the program ended, the rate has been 11 million annualized units on average. I would think if they had an incentive to lie, it would be to try to get the program extended, rather than claim it did its job and now it's over.
I'd certainly give them more credence than a right wing spin blogger. At least the article I printed has multiple corroborating and credible sources.
And the average for prior years is more like 16 million. So again, a very slow recovery if any.
Dick Tuck
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"They agree with what Obama tells me, so it's the truth." That's all you need to post, Dick.Oh, yeah, the NADA (whose members benefited from the program) would certainly have no reason to overstate the program's effectiveness.
Either they're telling the truth or they're not. They claim that prior to the start of the program, their annual car sales was at 9 million, a 40 year low. After the program ended, the rate has been 11 million annualized units on average. I would think if they had an incentive to lie, it would be to try to get the program extended, rather than claim it did its job and now it's over.
I'd certainly give them more credence than a right wing spin blogger. At least the article I printed has multiple corroborating and credible sources.
You're the last person I'd think to be getting all tin-foil. Auto sales are reported monthly. The fact remains that prior to Clunkers, the rate was 9 million annual units, and after the program ended, it's 11 million annual units.
Dick Tuck
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Oh, yeah, the NADA (whose members benefited from the program) would certainly have no reason to overstate the program's effectiveness.
Either they're telling the truth or they're not. They claim that prior to the start of the program, their annual car sales was at 9 million, a 40 year low. After the program ended, the rate has been 11 million annualized units on average. I would think if they had an incentive to lie, it would be to try to get the program extended, rather than claim it did its job and now it's over.
I'd certainly give them more credence than a right wing spin blogger. At least the article I printed has multiple corroborating and credible sources.
And the average for prior years is more like 16 million. So again, a very slow recovery if any.
It sure is, but going from 9 million to 11 million units isn't too shabby. The stimulus was never meant to make anyone whole, it was meant to keep the bottom from falling out, and break out of the downward business spiral. So far, it certainly achieved that.
California Girl
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Which stimulated the economy..... how, exactly? Research programs are great - but they do NOT stimulate the economy. This was 'Stimulus' funding, was it not? How many jobs did it create? Other than providing a few researchers with jobs?
Wry Catcher
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Amazing how any good news or success by the Obama administration attracts the echo chamber crowd.
Too stupid to offer any solutions to the myriad of problems facing our country these clowns always respond with the same refrain, "ain't it awful, damn commies, ain't it awful".
When not dancing the Henny Penny Polka ("Oh My, the sky is falling, Oh MY") their hysteria turns to ad hominem attacks.
Well, I suppose this post is an ad hominem attack, so pot kettle me. Yet, what how else can one respond to stupidity and the arrogant self rightous? Reason and facts are not effective when dealing with the willful ignorant and stupid oddballs.
Too stupid to offer any solutions to the myriad of problems facing our country these clowns always respond with the same refrain, "ain't it awful, damn commies, ain't it awful".
When not dancing the Henny Penny Polka ("Oh My, the sky is falling, Oh MY") their hysteria turns to ad hominem attacks.
Well, I suppose this post is an ad hominem attack, so pot kettle me. Yet, what how else can one respond to stupidity and the arrogant self rightous? Reason and facts are not effective when dealing with the willful ignorant and stupid oddballs.
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Dick Tuck
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Part of the stimulus was always to keep the arts and pure sciences alive. They're always hardest hit in an economic downturn. This one helped some HIV researchers going with a pretty decent study, that sought to discover, among other things, the effectiveness of using an anti-microbial pad before and after coitus in slowing the spread of AIDS. There were several earlier studies about the cultural barriers about keeping the parts clean, and the study sought to build on those.
The real problem with basic sciences, when the economy heads south, is that some areas are hit extra hard, and aren't able to restaff at the level of expertise, when things get better. I think there's a national interest in retaining qualified HIV experts.
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Dick Tuck
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If the other side isn't snarling themselves into incoherency, when you present them with actual evidence, you're not trying hard enough. The louder the sound of the drool hitting the floor, the more effective you are.
Although, an occasional flame war can be fun too.
Please don't confuse the situations with the facts. Learn how to shout kep phrases like:
"Death Squads!"
"Kill Grandma!"
and the ever reliable
"We will be attacked again if the Democrats win!"
Please post some good news or success by the Obama Administration. I mean other than uniting the GOP.
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