Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to. ... In Obama's world, success mean tax payers only lost as much as $84 billion. --Kerry Pickett
Yesterday was another April Fool's Day for the American taxpayer:
Barack Obama has some 'splaining to do about tax payers' profitable "investment" in General Motors. It turns out the president is imagining things.
Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to....a March 16 Congressional Oversight report ... estimates taxpayers will be out of $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.”
That's only the beginning. Both the White House and the Congressional Oversight report omit the fact that during its bankruptcy, GM got a $45 billion tax break, courtesy of the American people.... GM will also get a $14 billion dollar domestic tax break...
...[Yet] the Obama administration and its allies presently continue to celebrate the success of the auto bailout, regardless of the facts. "I don’t think there’s any doubt that this was a success," said ... acting assistant secretary at the Treasury Department Tim Massad, who oversees the TARP program at Treasury, to a House panel on Wednesday.
Repeat: In Obama's fantasy world, "success" means you, the taxpayers, only lost around $84 billion.
And the liberals complain about corporatists and banksters when the federal government is the world's biggest and most wasteful corporation -- with more power than any crime gang ever dreamed of having.
Hat tip: Deep Volt. Linked by: Michelle Malkin. Thanks!
It's certainly not $84 billion. Kerry, who doesn't appear to be terribly bright, looks at a WSJ story citing a $45 billion tax benefit and another story citing a $14 billion NOL tax benefit. However, if you go into the financials (or just read the WSJ story closely), you see that the $45 billion includes the $14 billion. ($45 bill is total deferred tax asset, and the $14 billion is the NOL component of it).
ReplyDeleteBeyond that, GM carries it at $2 bill because it doesn't think it likely that they'll have enough taxable income in the future to even use it. So we're down from $59 billion to $2 billion.
The success part is that the $84B ended up in the pockets of lib supporters.
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