Wednesday, June 13, 2012

Liar In Chief (still a liar) Lies Again

Taxpayers lose again...

The government bailout of General Motors (GM) and Chrysler between 2008 and 2009 will cost taxpayers approximately $23 billion. President Barack Obama emphatically defends his decision to subsidize the automakers, arguing it was necessary to prevent massive job losses. Even if one accepts this premise, the government should—and could—have executed the bailout more efficiently, with no cost to taxpayers, had the Administration required the United Auto Workers (UAW) to accept standard bankruptcy concessions. Instead, the Obama Administration gave special treatment to the UAW above and beyond what other creditors and unions received.
Uh, just a little different than what we were told originally...
Obama said Thursday that the government will recover all of the taxpayer money used in the auto industry bailout last year and held it up as an example of ‘a good story’ in his administration’s economic efforts.
The White House said today that that pledge covers the money that the Obama administration put toward the auto industry, not the $25 billion spent under the Bush Administration in late 2008.
I guess he doesn't count Bush's bailout money as "all taxpayer money used in the auto bailout".

No comments: