It’s been a while since we checked out the company that built Detroit (or was it the other way around?). Anyway, here’s where things are:
Three years ago [Obama’s] administration invested more than $100 billion in taxpayer money to bail out General Motors. On Tuesday, the entire company, not just what the government owns, was worth less than $34 billion. By anyone’s definition, that investment is a glaring failure. Yet over the last few days the Obama campaign, in a $25 million marketing blitz, has flooded the airwaves with ads in battleground states, claiming the bailout should be counted a rousing success.
The evidence–which shows that GM has not repaid what taxpayers had wrung out of them–is damning and completely runs afoul of the bill of goods being sold by the administration and GM itself.
The bottom line is that the country is probably not better off, on the whole, than before the debacle that was the government bailout of GM.
Government Motors – We do what we want and you pay us to like it.