Cash 4 Clunkers Wrapup

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Joe Romm says that although the Cash for Clunkers program was never meant to be a cost-effective way to reduce carbon emissions, in the end it turned out to be very effective indeed:

In the real world, the public has mostly turned in gas-guzzlers in exchange for fuel-efficient cars — which perhaps should not have been a total surprise since oil prices are rising, gas guzzlers remain a tough resell in the used car market, and most fuel-efficient cars are much cheaper than SUVs.  So as a stimulus that saves oil while cutting CO2 for free — it has turned out to be a slam dunk, far better than I had expected.

….Let’s assume the new cars are driven nearly 20% more over the next 5 years [compared to the old cars they replace], and that the average price of gasoline over the next five years is $3.50.  Then we’re “only” saving 140 million gallons a year or roughly $500 million a year.  The $3 billion program “pays for itself” in oil savings in 6 years.  And most of that oil savings is money that would have left the country, so it is a (small) secondary stimulus.

Using a rough estimate of 25 pounds of CO2 per gallon of gas (full lifecycle emissions), then we’re saving over 1.5 million metric tons of CO2 per year — and all of the ancillary urban air pollutants from those clunkers — for free.

I wouldn’t make a habit out of supporting targeted industry programs like C4C, but it was wildly popular, provided a modest but noticeable amount of economic stimulus, and helps reduce U.S. oil consumption.  Not bad for $3 billion.

SIX TRUTHS

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Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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