President Obama was in Toledo, Ohio today speaking to a group of UAW workers on the eve of the Democrat's convention in Charlotte and made the following statement and chest thumping about his supposed rescue of the auto industry:
"I bet on you. I'll make that bet any day of the week and because of that bet, three years later, that bet is paying off for America," he said.
Just two things...first of all, President Empty Chair made that bet with other people's money, not his. He risked nothing.
And second, that bet isn't paying off for anyone except the unions, who spent $40 million and up in 2008 to elect this president.
The rest of us are the ones doing the paying, and the tab is in the billions...at least $43 billion in direct aid we'll never see again and losses on devalued stocvk the government was left holding, and an additional $45.4 billion dollar tax credit against future profits at the American taxpayer's expense given to them by the Obama Administration that could keep GM tax free for years.
GM and Chrysler could have easily been bailed out using a managed bankruptcy instead of a massive taxpayer bailout, after which they could have renegotiated their contracts with the unions. But that's not what the union bosses were buying when they purchased Barack Obama.
It's about time someone mentioned it and questioned President Obama's claim of an 'achievement'.
That reminds me of that famous question from 2008 : ' If these corporate entities are "too big to fail" , then why aren't they being broken up when they're rescued with the taxpayers' money ? '
ReplyDelete--dragon/dinosaur
PS : Did you know that Ohio & Michigan once fought a war for the possession of the city of Toledo ? It had been a part of the Michigan Territory, but Ohio coveted the Toledo Strip, &, since she was already a state ( & already a powerful swing-state ! ) , she was able to block Michigan's entrance into the Union till Michigan capitulated to Ohio's demand.