Latest in Stimulus: ‘Cash for Refrigerators’

Great, another government give-away. We could set up The Department of Bailouts and have a “Cash For” Czar. The last one (Cash for Clunkers) is generally considered to be a failure. It didn’t do what it was (supposedly) intended for: get old, low MPG cars off the highways and replace them with eco-friendly high MPG cars. This will be just another in a long line of government (taxpayer) subsidized “stimulus” efforts which won’t stimulate anything but consumers taking on more debt. And it wouldn’t be so bad if the products being bought were manufactured in the U.S., but most of them aren’t, so those taxpayer dollars that are subsidizing all of this ultimately go out of the country, most likely to China in this case.

From Yahoo! News:

A $300 million cash-for-clunkers-type federal program to boost sales of energy-efficient home appliances provides a glimmer of hope for beleaguered makers of washing machines and dishwashers, but it’s probably not enough to lift companies such as Whirlpool (NYSE:WHRNews) and Electrolux out of the worst down cycle in the sector’s history.

Beginning late this fall, the program authorizes rebates of $50 to $200 for purchases of high-efficiency household appliances. The money is part of the broader economic stimulus bill passed earlier this year. Program details will vary by state, and the Energy Dept. has set a deadline of Oct. 15 for states to file formal applications. The Energy Dept. expects the bulk of the $300 million to be awarded by the end of November. (Unlike the clunkers auto program, consumers won’t have to trade in their old appliances.)

“These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy,” Energy Secretary Steven Chu said in a statement announcing the plan. Only appliances covered by the Energy Star seal will qualify. In 2008, about 55% of newly produced major household appliances met those standards, which are set by the Energy Dept. and Environmental Protection Agency.

Read the rest:

http://news.yahoo.com/s/bw/20090824/bs_bw/aug2009db20090821304909

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