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The person who calculated this bit of information is now, and has been a professor at the University of West Virginia in Morgantown for the last 40 some years.

He says that:

 

They spent $8.57 for every $1.00 they saved.

I'm  pretty sure they will do a much better job with our healthcare though.

Snopes information on the subject:
http://www.snopes.com/politics/gasoline/clunkers.asp

If you take into account the Snopes information of each barrel of oil resulting in less gasoline and you factor in a vehicle lasting 4 years. the newly calculated savings can be as much as 2.9 billion dollars. This is still a net loss of 100 million taxpayer dollars.

Operating a program at a loss still cost the taxpayers money. Eventually, the money will run out.