President Obama promotes Alan Krueger, author of ‘Cash for Clunkers’
The President’s tired allegiance to the intellectual elites continued on Monday as he promoted Alan B. Krueger to head the Council of Economic Advisers (CEA).
And yes, as the titled announced, Cash for Clunkers was the brain child of Krueger.
photo TaxRebate.org.uk
The official White House announced lists Krueger’s accomplishments: “Krueger was on the economic analysis of a variety of programs, including the HIRE Act, the Small Business Lending Fund, Build America Bonds and the Car Allowance Rebate System, or ‘Cash for Clunkers.'”
Small business lending? How has that been going America?
Just to revisit the Cash for Clunkers program (offered $3,500 to $4,500 to people who trade in an old car for a new one with higher fuel economy) resulted in a total of $3 billion in rebates.
A total of 690,000 new vehicles were sold under the Cash for Clunkers program last summer, but only 125,000 of those were vehicles that would not have been sold anyway, according to an analysis released Wednesday by the automotive Web site Edmunds.com.
That means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales.
This grand project COST AMERICA $24K per vehicle!
Krueger was successful at helping small businesses get loans….uh NO!
The data from 2009-2010 was a 8% drop in real estate loans and a 6.2% decreases in all loans $1 million and less.
Lending plummeted even further in 2011: falling $15 billion in the first quarter alone!!!
This promotion is exactly why I’ve NEVER supported the President. He has absolutely ZERO experience in business and surrounds himself with like-minded Ivy League elitists who have been in a classroom pretending to have answers but ignore the reality of the sinking ship.
Jobs should be at the core of the President’s plans to get the economy on a road to recovery, but instead, “Big Government” programs and Federalism will prevail and yielded more failed efforts.
The only worse decisions that raced to mind was if Paul Krugman started calling the shots.
http://www.sba.gov/sites/default/files/files/sbl_10study.pdf
Additional source: http://www.allheadlinenews.com/articles/90058530?President%20Obama%20reaffirms%20faith%20in%20%26quot%3BCash%20for%20Clunkers%26quot%3B%20Krueger
