So how did anyone expect ever expect this to adequately funded?
I believe it started with $1 billion, assuming the minimum payout of $3500 per car is only ~286,000 payouts. According to DOT there were 7.6 million passenger cars sold in 2006, taking this as an average year, CARS could only have handled 1 out of every 27 cars qualifying.
In my (less than 5 min of) looking, I didn't see a estimate of the percentage of sales that were expected to qualify, but 3.7% (1/27%) seems like a shockingly low estimate.
I realize this is hardly the first time that we've underfunded something, but I've not see anyone pointing out that we knew it was underfunded amid all of the shocked reporting that its funding ran out in just a week.
Posted by fugu13 (Member # 2859) on :
What's even more fun is how shockingly bad the idea is as anything other than a political stunt (though it seems to have been a rather good one of those).