How many people who took advantage of Cash for Clunkers realized that the Obama administration’s $4,500 rebate was going to be taxed – not only once, but perhaps twice? Many of those who jumped on board for the cash rebate are now surprised that this ludicrous program, after putting our nation’s grandchildren $3 billion more in debt on top of the obscene, unsustainable $1 trillion already in play, is being taxed once at the federal level and perhaps once at the state level for “income received.” Most experts agree that the Clunkers program has done nothing economically but replace the car sales that would have taken place anyway this fall. Have we not become, if not already are, a nation of fools? My 91-year-old mother firmly believes that this administration is effecting more harm to this country than any 9/11 terrorist ever thought possible. I’m beginning to think she is right.
Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.