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<blockquote data-quote="av8torntn" data-source="post: 580218" data-attributes="member: 8259"><p>Yet another view of the failures of this Government welfare program for you from Cato.org.</p><p> </p><p> </p><p>"Jerry Taylor and I <a href="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=43ff6ad908cd1ac10c497603056b3605&url=http%3A%2F%2Fplanetgore.nationalreview.com%2Fpost%2F%3Fq%3DZDBiYzAzY2MwNGQ2OWYwNTkyMDliYzQ5YjY4YjAzODU" target="_blank"><span style="color: #3b5998">published an op-ed</span></a> criticizing the Cash for Clunkers program on Friday. We weren’t alone in our evaluation of the program.</p><p>Two interesting critical analyses of the Cash for Clunkers program were published over the weekend.The first by <em>New York Times</em> reporter Matt Wald <a href="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=f9dbbb874d5e69e3d2fbe0727d05639c&url=http%3A%2F%2Fwww.nytimes.com%2F2009%2F08%2F08%2Fbusiness%2F08clunker.html" target="_blank"><span style="color: #3b5998">examines the energy savings</span></a> that would result from the program. If a clunker traveling 12,000 miles at 16 miles per gallon (consuming 750 gallons per year) were traded in for a new car getting 25 mpg while traveling the same distance (480 gallons a year), thethe trade-in would savethe driver 270 gallons per year. Multiply that bythe roughly 245,000 vehiclesthat had been traded in under the program as of last Friday, before Congressextended the program,and you get1.6 million barrels saved each year. Thatsounds great until you realize it’s onlyabouttwo hours’ worth of our <a href="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=c20b01f843a38773999bb3a51efa68ad&url=http%3A%2F%2Fwww.eia.doe.gov%2Fmer%2Fpdf%2Fpages%2Fsec3_3.pdf" target="_blank"><span style="color: #3b5998">daily consumption</span></a>, which is about 18.6 million barrels per day so far in 2009. But the savings is probably much less than that because old cars are not driven 12,000 miles per year.</p><p>The second critical analysis, examining the program’s effect on carbon emissions, <a href="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=35b5217f0d123ad87a5cead6247139f8&url=http%3A%2F%2Fwww.washingtonpost.com%2Fwp-dyn%2Fcontent%2Fgraphic%2F2009%2F08%2F08%2FGR2009080802658.html" target="_blank"><span style="color: #3b5998">appeared as a figure</span></a>in theOutlook section of this weekend’s <em>Washington Post</em>.Over 10 years, the new cars will reduce emissions by 7 million metric tons, which is about 0.04%of the 16 billion metric tons that U.S. cars will produce over that time. That is, taxpayers will pay$147 per ton of CO2 reduction ($1.03 billion dollars divided by 7 million tons). In comparison, the economic literature estimates thatthe costof the marginal damages of carbon emissions is between $15 and$50 per ton (see, e.g., <a href="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=db39d809af2b3c2aa1565a378298af89&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D927794" target="_blank"><span style="color: #3b5998">this</span></a> and <a href="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=a4461dc249929ac11f1ca80c6b55eec3&url=http%3A%2F%2Fwww.cato.org%2Fpub_display.php%3Fpub_id%3D9850" target="_blank"><span style="color: #3b5998">this</span></a>)."</p></blockquote><p></p>
[QUOTE="av8torntn, post: 580218, member: 8259"] Yet another view of the failures of this Government welfare program for you from Cato.org. "Jerry Taylor and I [URL="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=43ff6ad908cd1ac10c497603056b3605&url=http%3A%2F%2Fplanetgore.nationalreview.com%2Fpost%2F%3Fq%3DZDBiYzAzY2MwNGQ2OWYwNTkyMDliYzQ5YjY4YjAzODU"][COLOR=#3b5998]published an op-ed[/COLOR][/URL] criticizing the Cash for Clunkers program on Friday. We weren’t alone in our evaluation of the program. Two interesting critical analyses of the Cash for Clunkers program were published over the weekend.The first by [I]New York Times[/I] reporter Matt Wald [URL="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=f9dbbb874d5e69e3d2fbe0727d05639c&url=http%3A%2F%2Fwww.nytimes.com%2F2009%2F08%2F08%2Fbusiness%2F08clunker.html"][COLOR=#3b5998]examines the energy savings[/COLOR][/URL] that would result from the program. If a clunker traveling 12,000 miles at 16 miles per gallon (consuming 750 gallons per year) were traded in for a new car getting 25 mpg while traveling the same distance (480 gallons a year), thethe trade-in would savethe driver 270 gallons per year. Multiply that bythe roughly 245,000 vehiclesthat had been traded in under the program as of last Friday, before Congressextended the program,and you get1.6 million barrels saved each year. Thatsounds great until you realize it’s onlyabouttwo hours’ worth of our [URL="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=c20b01f843a38773999bb3a51efa68ad&url=http%3A%2F%2Fwww.eia.doe.gov%2Fmer%2Fpdf%2Fpages%2Fsec3_3.pdf"][COLOR=#3b5998]daily consumption[/COLOR][/URL], which is about 18.6 million barrels per day so far in 2009. But the savings is probably much less than that because old cars are not driven 12,000 miles per year. The second critical analysis, examining the program’s effect on carbon emissions, [URL="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=35b5217f0d123ad87a5cead6247139f8&url=http%3A%2F%2Fwww.washingtonpost.com%2Fwp-dyn%2Fcontent%2Fgraphic%2F2009%2F08%2F08%2FGR2009080802658.html"][COLOR=#3b5998]appeared as a figure[/COLOR][/URL]in theOutlook section of this weekend’s [I]Washington Post[/I].Over 10 years, the new cars will reduce emissions by 7 million metric tons, which is about 0.04%of the 16 billion metric tons that U.S. cars will produce over that time. That is, taxpayers will pay$147 per ton of CO2 reduction ($1.03 billion dollars divided by 7 million tons). In comparison, the economic literature estimates thatthe costof the marginal damages of carbon emissions is between $15 and$50 per ton (see, e.g., [URL="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=db39d809af2b3c2aa1565a378298af89&url=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D927794"][COLOR=#3b5998]this[/COLOR][/URL] and [URL="http://www.facebook.com/note_redirect.php?note_id=120267846919&h=a4461dc249929ac11f1ca80c6b55eec3&url=http%3A%2F%2Fwww.cato.org%2Fpub_display.php%3Fpub_id%3D9850"][COLOR=#3b5998]this[/COLOR][/URL])." [/QUOTE]
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