It seemed like a good idea: the Cash Allowance Rebate System (CARS, a.k.a. "Cash for Clunkers") a program aimed at saving the environment by creating a taxpayer-funded program in which people traded in their "clunkers," or perfectly drivable cars with 18 mpg or less into dealerships in exchange for rebates up to $4,500 towards a new, more fuel efficient vehicle. The program was so successful, it blew through its $1 billion dollar funding in a mere seven days, mostly because people like the appearance of free money.
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