The Value of Money

Here is a great article describing the devaluing of money from the Cash for Clunkers program. It is a basic Econ 101 explanation and makes great sense. Bottom line - this was not a tax credit or a rebate, but another example of wealth distruction and distribution of wealth.

"This particular example of Obamanomics will end up using three billion dollars of deficit spending to cause consumers to take on ten billion dollars in debt - and if the overall delinquency rate of 6% holds for these loans, one of the results will be $360 million in bad debt. The only way to make this money lose value faster would be to soak it in expensive champagne and set it on fire."