January 9, 2015
Comment by Jim Campbell, Citizen Journalist, Oath Keeper and Patriot.
Factually, this is just one more photo-op and an opportunity attempt to slip one more lie past the American voter. The so-called bail out was a failure and cost the tax payers, not the government $16.5 billion dollars.
The government agrees. “Under government accounting rules, the U.S. Treasury actually lost $16.56 billion on paper on the auto bailout,” the News reports.
Perhaps Obama flunked math in Indonesia where he went to school as a child.
I don’t know. Maybe that’s small by Obama standards.
President Obama traveled to Wayne, Michigan Wednesday to take a “victory lap” in his bailout of the auto industry.
Now, whether Obama’s approach to the automakers’ bankruptcy bailout – designed as a gift to the United Autoworkers union – did any better for Detroit than the more neutral bankruptcy advocated by Republicans like Mitt Romney is anyone’s guess.
We do know it failed to force changes in the unions that could hurt automakers down the line, and that it had the moral hazard of telling other big companies in trouble that the government will step in and help them with their union problems.
But that’s not what I want to complain about. What I want to complain about is this statement Obama made Wednesday, and has made before:
The auto companies have now repaid taxpayers every dime and more of what my administration invested in you.
It really, at heart, is a lie.
See the answer below.
First of all, you have to read the fine print. The clear impression Obama is seeking to convey is that the auto bailout was cost-free. But note he said “whatmy administration invested.” He is purposely, and deceptively, not including the money Bush handed the automakers. If you do that, there’s billions in losses.
Read more at We The People: