Trends and Entertainment

Recession Lexicon: Clunkerf*ck

/n. What happens when the government issues coupons on cars but doesn’t use the same printing machine as it seems to for currency.

Spotted here, and in a comment on Facebook, in discussion of the cash that ran out on the government subsidy “Cash for Clunkers” program that gave consumers a $3,500 or $4,500 voucher per car for so-called gas guzzlers that could be traded in for fuel-efficient vehicles. The program was so successful at encouraging auto sales that Congress had to approve an additional $2 billion for it, on top of the initial $1 billion. But dealerships have to wade through extensive (17 pages) paperwork and face delays in getting paid by the auto giants—and some consumers lose out on vouchers that have run out. What’s more, so much for the environmental benefit since the clunkers are creating a pileup in the junkyard. No wonder some dealerships are opting out.

Ex. Dealerships are up to their ears in paperwork for the Cash for Clunkers program, and some owners will not be able to cash in after all, resulting in a general clunkerf*ck.

Tags: auto, auto industry, government, Recession Lexicon, subsidies