Did you know that Dallas-Fort Worth has an old car replacement program that gives $3,000 vouchers to residents who turn in an old car and purchase a new one? Cars need to be at least 10 years old and the voucher must be used to purchase a new car. That's right, they want Dallas residents to get rid of their old; but fully paid for clunkers and get a new car loan. Not only that; but the vouchers are only available to low-income and moderate income residents. The residents who can least afford any new debt. But according to an article in the Dallas Morning News, "surprisingly" participation in the old car replacement program has dropped by 40 percent.
Am I missing something here? Aren't we in the middle of a recession caused by too much debt? What government entity would encourage its citizens to go out and take on new car loans, more debt, when companies are closing, going bankrupt and former employees are finding it nearly impossible to find new jobs? People are in debt up to their eyebrows and many are facing foreclosure. They don't need new cars and they definitely don't nee more debt. This program was originally designed to help Dallas-Fort Worth meet clean-air standards; but wouldn't it be wiser to give vouchers for citizens to take public transportation?