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Negative GDP impact for 'Cash for Clunkers' program?

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posted on Aug, 16 2009 @ 02:26 AM
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According to cashforclunkersfacts.com, most models sold are foreign brands.
Ref: www.cashforclunkersfacts.com...


The stats are dated August 5, but the rough numbers from their graph are this:

Foreign brands and units sold:
Toyota 7000
Honda 6000
Nissan 3100
Hyundai 2000
Kia 2000
VW 1500
Acura 1100
Mazda 1100
Subaru 900
Lexus 500
Scion 500
BMW 500
Total = 262,000 units

Domestic brands and units sold:
Ford 5500
Chevy 5000
Dodge 2500
Jeep 1800
Chrysler 1100
Pontiac 800
GMC 700
Saturn 500
Total = 179,000 units

Why would this be bad for GDP?

GDP imports are a negative number. Though a few of the foreign models are assembled here, the parts are imported. The $1B-3B in funding comes from the government, which came from taxes, which will be deducted from your paychecks. In the end it may well be a negative investment.




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