Friday, April 01, 2011

Barack Obama:
Losing $84 Billion
[Considered] Big Success [?]

by Kerry Picket - March 31st, 2011 - The Washington Times

Barack Obama has some 'splaining to do about taxpayers' 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.

"American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November.

Despite repeated assurances that we were going to get out money back by a number of Obama officials besides Obama himself, it turns out that all of these assurances were simply Obama delusions. You know what an Obama delusions is, right? That is a ball faced lie that the press touts so frequently that you never find out it is a lie.

In truth the investment is actually going to lose $25 billion. However it is worse than that. It also ignores the $45 billion in taxes owed that was wiped out in the bankruptcy, and another $14 billion tax break awarded to GM in violation of normal tax law. Total - $84 billion.

So that claim the tax payers would recover their investment was a little off. However maybe Obama counts that as recovery for his voters since the UAW was given huge amounts of the $84 billion so they could campaign for Obama in the next election. He just did not want to point out the corruption in giving so much to the union when he forced the bankruptcy court to illegally wipe out hundreds of billions in secured debt in total violation of the law.

Can anyone believe anything that the Magic Marxist Messiah ever says?


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