GM sales inflated by government purchases; Obama heralds “success”
Taxpayers were forced to bailout General Motors to the tune of $50 billion. $30 billion of this is effectively a loss, mostly sunk into fattening the United Auto Workers union—fierce Obama supporters—while the actual bondholders were shown the elevator shaft.
Meanwhile, as NewsBusters reports, “We the Taxpayers are still stuck holding 500+ million shares of GM stock. Which we need to sell at $53 per. Which debuted post-bankruptcy at $33 per. And which is currently trading at just over $20 per. Meaning we’ll lose about $15 billion.”
But it gets better. Despite the overwhelming negatives, the tiny bright spot of positive June sales numbers is being heralded by Obama and the leftist press as proof the auto bailout was a “success.” The funny part? NewsBusters again:
And in all this Hosanna-reporting, nowhere to be found is the inconvenient truth that these huge June sales were mostly fueled by…government purchases.
We now learn that government purchases of GM vehicles rose a whopping 79% in June.
Meaning Barack Obama is now campaigning on the “success” of – the government buying cars from…the government’s car company. With our money.
That’s like you setting up a lemonade stand for your kids. You buy them the lemons, sugar, cups and pitchers – and then buy most of the lemonade yourself.
Except you are President Obama. Your kids are the United Autoworkers Union. And the lemonade cost $50 billion.