President Obama touts the GM bailout as a great success and the template for his future industrial policy.
However, consider the following “successes”:
- GM profits are down 41% this quarter.
- American taxpayers lost $31 billion that they will never see again.
- Out of the 220,000 jobs at GM, 160,000 are outside the US. It has become the largest exporter of US jobs.
- Pension funds invested in GM because essentially worthless in the bailout.
- GM was basically handed over to the UAW, which is an illegal move according to the US Supreme Count, but which they only will apply to future deals while allowing the gift of GM to the UAW.
With “successes” like the above, we should not care about any failures because even such success is the typical Socialist failure.