Study: 'Cash for Clunkers' another Obama failure

From The Hill newspaper: 

A study released on Wednesday found that President Obama's Cash for Clunkers rebate system for old cars was an ineffective stimulus program.

The study, conducted by the Brookings Institution, found that the $2.85 billion Cash for Clunkers program only created 0.7 jobs for each million dollars the federal government spent.

The ratio translated to a rate of $1.4 million for each job, which the authors of the study said was a very expensive stimulus. 

Study: 'Cash for Clunkers' clunked | TheHill