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Has the Cash for Clunkers program been a success?  Justin Fox serves up this tidbit:

By all accounts the program has driven a rush to car dealers. Auto sales in July were at their highest pace in 11 months. In an e-mail to clients Monday, Credit Suisse economist Neal Soss revised his economic growth forecast for the third quarter from 1.3% to 2.0%, and for the fourth quarter from 2.0% to 2.5% — all on the basis of cash for clunkers’ success.

I guess that’s pretty good.  If it’s true, anyway.  My own view has always been that although CfC would normally be a fairly lousy use of taxpayer money, the fact that I, the taxpayer, now own most of GM and Chrysler makes it a little more palatable.  I’m basically using my own money to help keep my own companies from collapsing.  Unfortunately, though, that doesn’t seem to be the case.  According to Jalopnik, here are the top-ten cars purchased so far under CfC:

1. Ford Focus
2. Honda Civic
3. Toyota Corolla
4. Toyota Prius
5. Ford Escape
6. Toyota Camry
7. Dodge Caliber
8. Hyundai Elantra
9. Honda Fit
10. Chevy Cobalt

So we’ve got a single Chrysler model at #7 and a single GM model at #10.  Not exactly a groundswell of support for taxpayer owned auto companies.

Oh well. I just hope Soss is right.  Even if GM and Chrysler aren’t getting much of a boost, an increase of half a percent of GDP for two consecutive quarters seems like a pretty decent return for an investment of a billion dollars or three.

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IT'S NOT THAT WE'RE SCREWED WITHOUT TRUMP:

"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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