By Seton Motley
The Jurassic Press was in full-throated ObamaChorus mode in reporting on General Motors (GM)’s allegedly strong June sales.
Very few failed to receive the sheet music.
Mentioned was that We the Taxpayers were conscripted to bailout GM to the tune of $50 billion.
Not mentioned was the auto bailout will lose us about $30 billion.
Almost all of this $30 billion Taxpayer loss was in fact a gi-normous payoff of the Obama-Democrat stalwart United Autoworkers Union.
While the Union was thoroughly bailed out, We the Taxpayers are still stuck holding 500+ million shares of GM stock. Which we need to sell at $53 per. Which debuted post-bankruptcy at $33 per. And which is currently trading at just over $20 per. Meaning we’ll lose about $15 billion. How’s that for “success?”
And in all this Hosanna-reporting, nowhere to be found is the inconvenient truth that these huge June sales were mostly fueled by...government purchases.
We now learn that government purchases of GM vehicles rose a whopping 79% in June.
Meaning Barack Obama is now campaigning on the “success” of - the government buying cars from...the government’s car company. With our money.
That’s like you setting up a lemonade stand for your kids. You buy them the lemons, sugar, cups and pitchers - and then buy most of the lemonade yourself.
Except you are President Obama. Your kids are the United Autoworkers Union. And the lemonade cost $50 billion.
At least you get to tax your neighbors for the $50 billion.
Again - in what Bizarro-world is this auto bailout the “success” the Jurassic Press incessantly reports it is?