What is your opinion of this "cash for clunker" approach?

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Obama, lawmakers agree on "cash-for-clunkers" bill
Tue May 5, 3:49 pm ET

WASHINGTON (Reuters) – President Barack Obama and Democratic lawmakers
reached agreement on Tuesday on a legislative proposal designed to
stimulate U.S. auto sales, which have fallen to near 30-year lows.

The one-year plan crafted by members of the U.S. House of
Representatives would offer vouchers worth up to $4,500 for owners to
replace their less fuel efficient vehicles for models that get better
gas mileage.

The goal of the "cash for clunkers" legislation is to sell 1 million
vehicles.

"By stimulating consumer demand for new vehicles, this proposal will
directly benefit domestic autoworkers and automotive manufacturers,
which have arguably been hardest hit by the current economic
downturn," said Rep. John Dingell, a Michigan Democrat and staunch
industry ally.

House Majority leader Steny Hoyer has embraced the proposal and said
in an interview with Reuters in April that the measure would be acted
upon quickly once proposed.

(Reporting by Matt Spetalnick, John Crawley and Rick Cowan; Editing by
Richard Chang)