Word: carred
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...secret that one of the biggest reasons the U.S. auto industry is teetering on collapse is that, quite simply, Americans have stopped buying cars. U.S. auto sales were down 37% in March from 2008, the latest in a nearly unbroken year-and-a-half streak of falling sales. And if the cratered economy is the main culprit behind backed-up inventory at U.S. car dealers, another is that American automakers have failed to produce the more fuel-efficient vehicles that gas-price-conscious car buyers are beginning to demand. As a result, the U.S. still sends hundreds of billions...
...what if there were a way to tackle both these problems with one policy: to stimulate demand for American cars while making the U.S. auto fleet cleaner, greener and more efficient? It sounds like the kind of slick two-for-one pitch you might hear from a used-car salesman, but that's exactly what proponents of a "cash for clunkers" program are promising. (See the 50 worst cars of all time...
...broad outlines, the prospective policy - for which a number of proposals have been put forward in Congress - would offer Americans cash rebates of up to several thousand dollars if they traded in an old, inefficient car for a new, greener one. The ailing U.S. automakers would receive a shot in the arm - potentially worth up to 2 million additional sales a year - while polluting cars would be taken off the road and replaced with more efficient ones. (All cash-for-clunkers programs require the old cars to be scrapped rather than resold.) "There are significant environmental advantages and substantive benefits...
...speech on March 30 that he wanted to work with Congress on finding money for rebates in existing stimulus spending. And similar programs already in place in Germany and other European countries have proved very successful - thanks to continental Europe's cash-for-clunkers plan, analysts say that European car sales are now running at more than 13 million vehicles a year, up from an 11 million pace at the start of the year. "It has been pretty successful so far in Germany," says John Wolkonowicz, senior automotive analyst for the research firm IHS Global Insight...
...year ago, neither the car companies nor the federal government thought that they would be facing a decision on one or two Chapter 11 filings or how the fall-out from these events would be managed. A year ago, no one expected the GDP to fall as fast as it is falling or that the economy would be losing 600,000 jobs a month...