Posted: October 29th, 2009 | Author: Javi | Filed under: Political & Social Issue | Tags: Cash for Clunkers, Christina Romer, Council of Economic Advisers, Department of Commerce, economic recovery | No Comments »
A Department of Commerce reported yesterday signaled the end to the country’s worst financial recession since the 1930s. According to the report, the showed the economy grew 3.5 percent in the third quarter, ending a slump of four consecutive quarters in which the economy has contracted.
This initial recovery has been spurred on largely due to the government sponsored Cash for Clunkers program that offered car owners rebates of up to $4,500 for trading in their gas guzzling oldies for new fuel-efficient vehicles.
Purchases of homes also contributed to the turnaround as Americans spent money at an increased annualized rate of 23.4 percent on housing projects – the first time the housing market ended on a positive note since 2005. The housing rebound was supported by the government’s $8,000 tax credit for first-time home buyers.
Council of Economic Advisers chairwoman Christina Romer said, “This welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered.”
Posted: August 31st, 2009 | Author: Hassan Trosclair | Filed under: Current Events | Tags: Cash for Clunkers, Department of Energy, dollars for dishwashers, economic stimulus plan | 1 Comment »
The Department of Energy (DOE) has its own “Cash for Clunkers” program coming this Fall as part of the economic stimulus plan that will help out appliance manufactures. Unlike the automobile program though, consumers do not have to exchange their old home appliances to receive rebates on newer ones.
Under their “Dollars for Dishwashers” program, which officials hope provide a lift to an industry that has been down 25 percent in the past 3 years, the DOE is looking at 10 categories of Energy Star-qualified 10 appliances.
The state-run initiative may have the luxury of picking models, setting rebate amounts and may also include energy efficient light bulbs.
Some of the major appliance makers have expressed concern that though the program is a good idea, conflicting regulations and rebates from state to state may be a headache for potential customers, thus hindering sales. Some believe that in order for the program to attain its fullest potential it would make sense for the appliance program to share the same guidelines nationwide.
Personally, as fan of energy efficient products, I think the program will work – let’s see if it pans out. Now if they could maybe unravel the deficit, fix the New York City’s MTA and come up with a worthwhile healthcare package we could have some faith in big government again.
