Obama’s “signature achievement” could be heading for bankruptcy again

August 17, 2012 07:44

Not only does Obama portray the GM bailout as a great success, he has actually said, in public, that he wants a lot more “successes” just like it.  – Human Events


By: John Hayward at Human Events


President Obama loves to tout the General Motors bailout as the signature “achievement” of his presidency, even though current taxpayer losses on the deal are estimated at over $25 billion.  The exact degree to which the rest of us got soaked so Obama could give GM to his union allies changes constantly as the value of the stock held by We the People fluctuates.  You don’t remember being asked if you would like to become a GM stockholder and willingly accept massive losses to protect highly compensated union jobs, do you?  Well, that’s the great thing about command economics.  It relieves the ruling class of the tedious chores private-sector entrepreneurs face when attracting voluntary investment.


Unfortunately for Obama, it’s increasingly difficult to pretend the GM bailout was a “success” for anyone but the United Auto Workers.  Earlier this week, Investors Business Daily described the loss taxpayers took for President Obama’s inaugural adventure in crony socialism as “staggering,” ….



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