Barack Obama has some 'splaining to do about taxpayers' profitable "investment" in General Motors. It turns out the president is imagining things.
Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to.
"American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November. Steven Rattner, former head of the Treasury's auto task force agreed, telling CNN in November: “Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back.”
In fact, Investor's Business Daily reported that even the White House’s Director of the National Economic Council remarked that the Treasury Department Department had a good chance in "recovering most, if not all, of its investment in" GM.
However, a March 16 Congressional Oversight report, tells a different story. It estimates taxpayers will be out of $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.”
That's only the beginning. Both the White House and the Congressional Oversight report omit the fact that during its bankruptcy, GM got a $45 billion tax break, courtesy of the American people.
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Please permit me to add some science to this debate of "green energy".
ReplyDeleteThe Volt is simply a political piece of dung given its efficiency and price (in spite of Government subsidy). Plug-in vehicles attempt to REPLACE fossil fuel vehicles as being more efficient but they are not more efficient. For example, the "green" people advocate plugging in your vehicle to charge batteries rather than gas up. There is no comparison. Gas is a better alternative.
You could wonder why "they" don't push HYBRID. Hybrid captures energy normally lost during braking, stores it in batteries, then makes it available for propelling the automobile. In other words, HYBRID brings forth Kinetic energy that had previously been wasted and uses it INSTEAD of gasoline.
Obviously, they don't teach this at Harvard.
I can see it now...the long lines at the plug...
ReplyDeleteIf taxpayers are are to recover more than they invested in GM. Then when can we expect our checks to come in the mail. What they mean is the government may recoup more than invested. So they can spend it on more bailouts and sluch funds we know nothing about because it is hidden in bills like
ReplyDeleteObamacare. Yeah thanks for nothing Mr. Obama.