FAILURE: Obama auto bailout losses grow as GM faces a possible second bankruptcy. Meanwhile Obama plans more bailouts — for every industry!
This month, the Treasury Department announced that the government will lose at least $25 billion on the taxpayer-funded auto industry bailout, a number that is at least 15 percent higher than previous estimates, according to the latest monthly report by the department. And, the report detailed that taxpayers could be on the hook for even greater losses if the price of GM stock continues to decline.
The decline of GM stock and more losses for the taxpayers seems assured even as President Obama campaigns across the country relentlessly claiming credit for saving the auto industry.
In the August 15 issue of Forbes, magazine contributor Louis Woodhill wrote, “The company (GM) is once again losing market share, and it seems unable to develop products that are truly competitive in the U.S. market.”(General Motors Is Headed For Bankruptcy – Again.)
“Big government is a terrible investor – especially with taxpayer dollars,” said Jenny Beth Martin, National Coordinator for Tea Party Patriots. “The government’s investment in GM is just another excellent example of a massive, poorly managed and unnecessary government bailout. Even more frightening is the President’s desire to do more bailouts!”
In a recent campaign speech, President Obama explained his desire to extend his bailout losing streak to “every industry.”
Campaigning recently in Pueblo, Colorado, President Obama announced:
OBAMA: “I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back and GM’s number one again. Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”
“This President will make any promise and spend any tax dollar to ingratiate himself with the voters,” said Martin. “Tea Party Patriots is here to remind him that the American people support limited government, fiscal responsibility and free markets for a good reason – they work. Big government and wasteful bailouts don’t.”
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