You Lie! The Auto Bailout Was a Failure!

October 16, 2012 09:24

New CF&P video exposes Obama / Biden’s claim to fame as a costly taxpayer funded boondoggle.

From Center for Freedom and Prosperity:

“Entitled, “The Auto Bailout Was a Failure, Hurting Taxpayers and the Economy,” the video explains how the decision to bailout GM and Chrysler was driven by political considerations and why it will be a net drag on the economy.

Narrator Jenna Huhn reviews the evidence and determines that the bailout should not be considered a success. In the video, she highlights four key reasons for considering the bailout a policy failure: 1) taxpayers got fleeced on the deal, 2) President Obama’s union allies got special favors, 3) government erred in picking winners and losers, and 4) the “unseen” costs are far larger than the “seen” benefits.

Bolstering these arguments, the video cites the latest report from the Treasury Department estimating total losses of $25 billion from the bailout, a figure likely to grow in future reports. To add insult to injury, the video also points out how special favoritism for the United Auto Workers compounded these losses. In a step that trashed the rule of law, the union was moved to the front of the line over other creditors.”


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