Politico, May 14:President Barack Obama and his allies in two big industrial unions appear poised to make the auto bailout — begun under President George W. Bush in 2008 — a central issue of the 2012 campaign. With General Motors back on its feet — it announced $2 billion in new investments at 18 GM plants Tuesday — and losses from the government’s intervention shaping up to be minimal, Democrats hope to punish Republican presidential candidates for their early opposition.
The news, today: “WASHINGTON – The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry.”Taxpayers spent only $14 billion to get GM to make $2 billion in new investments! Yay!
Also note this comment from the president, which he has probably forgotten, or that he hopes everyone else will forget:
President Obama, July 29, 2010: “We are going to get all the money back that we invested in those car companies.”
As I may have mentioned a time or two, all statements from Barack Obama come with an expiration date. All of them.
Gee, I was never too keen at math, but $14 billion spent... minus $2 billion in realized investments equals... carry the one... $12 billion. That's how much Obama stuck the taxpayers -- actually the taxpayers' kids and grandkids -- with. And yes, I ended a sentence with a preposition. That's how exasperated I am with this disastrous president.
And where did that $12 billion go?
The United Auto Workers (UAW) union, one would assume.
And where will most of it end up? You've got it, Sparky,
Right back at the DNC for the 2012 election cycle.
As a wry commenter observes, "It's the Circle of Democrat Life, Simba."
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