We learn today that, after all's said and done, each car traded in using the Cash for Clunkers program ended up costing the U.S. taxpayer—that is, it cost you—a grand total of $24,000.
For a paltry $4,500 "credit" that's taxable in the end.
Illustrating further, this means that we spent roughly $20,000 in order to issue a $4,000 "credit," if I may round down a little bit for clarity.
If you thought that was a good deal, wait until you see what these nimrods do to your healthcare plan by this time next year. I'm sure you're going to love it.
Update: I laughed out loud at Doug Ross' illustration for this story. You will, too!
Update: Ed Morrisey does the number crunching that I'm not smart enough to do. (Hey, my personal motto isn't "Numbers Are Bad!" for nothing!)