Saving General Motors from bankruptcy was among President Obama’s most frequently cited achievements when he ran for re-election last year. Democrats everywhere touted the company’s revival as proof of the 2009 bailout’s wisdom. That was then. Now, Obama has quietly released the auto manufacturer from a bailout requirement that it increase its production in the U.S. Instead, GM is spending billions of dollars building up its production capacity in ... China.
This is happening despite the fact that the Treasury Department has to date recovered just $36 billion of its original $51 billion loan to GM. By most analysts’ predictions, American taxpayers will be out approximately $10 billion when the remaining stock is sold off. Which is a long way of saying that it now appears that taxpayers paid $10 billion to make it easier for GM to accelerate its foreign outsourcing and send more manufacturing jobs to China.
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3 comments:
We were watching an interview with Greg Palast that suggested the shipping of jobs to China was a condition of borrowing the money for the bailouts. You'll have to search for him on YouTube. He's an interesting reporter doesn't come across as partisan (by that I mean he's has harsh words for the left and the right)
Ford borrowed 5.9 billion from the Dept of Energy 4 or 5 years ago and has only paid back a couple hundred thousand and they are building a new plant in India. America needs to wake-up and buy Toyotas,Nissans, Hondas,VWs,etc. that built in this country by non union workers who make less than 1/3 of their democrat donating union counterparts.And sad to say they build much better products!
Cheaper for everyone to build in Asia where the products can go directly to these growing markets. You would be dumb not to. That doesn't mean you no longer still make products here for the American market.
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