Cash for Clunkers Hurt Other Retailers
Writing up the Commerce Department’s July Personal Income and Outlays report, the Washington Post’s Annys Shin writes:
The “Cash for Clunkers” trade-in program, which gave consumers a subsidy to turn in older vehicles for new, fuel-efficient models, boosted consumer spending in July, the Commerce Department reported Friday … Consumer spending drives much of the economy, and the new data suggested people are willing to spend if given the right incentives. … To further stimulate spending, the federal government is working out the details of a similar program to start later this year that would allow consumers to purchase more
