ScreamingEagle
Gold Member
- Jul 5, 2004
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If I have to hear left-wingers touting the success of the auto bailout one more time, I might as well toss a chair through my window. Its patently false to say that the auto bailout was a success. Furthermore, it was more of an United Auto Workers UNION BAILOUT than it was for the auto industry. As Amy Payne of Heritage wrote back in June:
However, lets focus on the China element for a second. Obama claims that Mitt Romney and the Republicans are complicit in the evil dynamics of OUTSOURCING. I dont think liberals read Forbes much, but Paul Roderick Gregory wrote back in August 12 that:
Concerning claims that millions would have lost their jobs through the bankruptcy process, Sherk and Zywicki aptly conclude that General Motors and Chrysler would have had no difficulty filling entry-level positions even though they paid less than transplant automakers, even under the threat of a strike, which wasnt in the works in 2009. Its all nonsense. Barack Obama and the Democrats needed to keep their parasitic allies in big labor happy at the expense of the American taxpayer. I know this is old history, but until the media and folks on our side have the gumption to say that the bailout was a horrible episode of government intervention we should keep on hammering away at this. After all, it will probably be brought up in the debates.
Mr. President, stop saying I am GM, hear me roar! The facts just dont support your narrative.
Obama Needs to Stop Saying I Am GM, Hear Me Roar « The Greenroom
The Treasury Department estimates that taxpayers will lose $23 billion on the auto bailout. Sherk and co-author Todd Zywicki [both are economists for Heritage] find that none of these losses came from saving jobs, but instead went to prop up the compensation of some of the most highly paid workers in America. They write:
We estimate that the Administration redistributed $26.5 billion more to the UAW than it would have received had it been treated as it usually would in bankruptcy proceedings.
Taxpayers lost between $20 billion and $23 billion on the auto programs. Thus, the entire loss to the taxpayers from the auto bailout comes from the funds diverted to the UAW.
The Obama campaign is touting the bailout in Michigan this week, crowing about saved-or-created jobs. What the bailout actually saved was the UAWs heavily padded compensation packages; what it created was a massive taxpayer loss.
However, lets focus on the China element for a second. Obama claims that Mitt Romney and the Republicans are complicit in the evil dynamics of OUTSOURCING. I dont think liberals read Forbes much, but Paul Roderick Gregory wrote back in August 12 that:
To be exact: GMs December 31, 2011 annual report shows General Motors of North America accounting for 98,000 of the 207,000 GM jobs worldwide. But 12,000 of these jobs are in Canada and 11,500 are in Mexico. Accordingly, GM has 74,500 jobs in the United States and 122,500 abroad, even after Obamas touted surge in Detroit jobs. Almost TWO THIRDS of GMs jobs are in other countries.
GMs outsourcing is not a slip. GM clearly states that foreign investment and OUTSOURCING OF JOBS are an integral parts of its growth strategy.
Concerning claims that millions would have lost their jobs through the bankruptcy process, Sherk and Zywicki aptly conclude that General Motors and Chrysler would have had no difficulty filling entry-level positions even though they paid less than transplant automakers, even under the threat of a strike, which wasnt in the works in 2009. Its all nonsense. Barack Obama and the Democrats needed to keep their parasitic allies in big labor happy at the expense of the American taxpayer. I know this is old history, but until the media and folks on our side have the gumption to say that the bailout was a horrible episode of government intervention we should keep on hammering away at this. After all, it will probably be brought up in the debates.
Mr. President, stop saying I am GM, hear me roar! The facts just dont support your narrative.
Obama Needs to Stop Saying I Am GM, Hear Me Roar « The Greenroom