Wednesday, December 11, 2013
My letter to the NY Times re: You Call This Success?
Re: US Ends Bailout of GM
Mr. Bill Vlasic and Ms. Annie L. Lowrey report that "Taxpayers lost about $10 billion on their $49.5 billion investment in (GM)." Their story is full of pride in achievement all the way from President Obama to current GM executives to so-called "automotive specialists". According to Mr. David E. Cole of the Center for Automotive Research, which gets half of its funding from governments and corporations, the federal government's purchase of GM stock saved 1.2 million jobs. Although I do not believe this nonsense for one minute--government cannot create or save jobs, but it certainly can destroy them--let us assume, just for grins, that Mr. Cole is right. So the government spent $8,333 per saved job. Please spare us taxpayers any more such success stories.