Government Motors is really happy today. They only lost about $1.2 billion last quarter, and they’re going to invest in overseas operations. Our tax dollars at work – creating jobs in other countries. Wasn’t the bailout of GM supposed to create, or at least save, jobs here at home?
At a meeting with President Obama Monday morning, Communist Party Secretary Yu Xheng Sheng told the U.S. president how well General Motors’ Chinese division was doing.
“The business of GM in Shanghai is pretty good,” Secretary Yu told the president. “By the end of October this year their sales has increased by 40 percent over the same period of last year. I think that the fantastic performance here in Shanghai is definitely a boost to their business in the United States.”
“Absolutely,” said President Obama. “I think they can learn from their operations here in terms of increasing sales back in the United States.”
[...]
Specifically, at a time when the nation’s unemployment rate has soared to levels not seen in decades and GM is cutting thousands of U.S. jobs, the company’s CEO is considering spending millions from its U.S. coffers — fattened by $50 billion in taxpayer aid — on its overseas operations, a possibility that has outraged critics and lawmakers.
“I don’t think most Americans believe that when the taxpayer bailouts were happening it was intended for that purpose,” said Rep. Anthony Weiner, D-N.Y. “It was intended to protect the American economy — not take the money overseas.”
[...]
In a world where funds are fungible, where GM has yet to repay the $50 billion bailout, and where GM only remains in existence because of those bailout dollars, critics argue sending these funds to Europe is essentially the same as sending taxpayer dollars overseas.
“We certainly need to be prudent about it, be very careful about it, but we do have the ability to run a global business,” Henderson told reporters earlier this month.
GM has other plans to expand its business abroad. In August, GM China announced a $293 million venture, while last month GM South Korea announced a new infusion of more than $400 million. The automaker also recently inaugurated a $300 million transmission plant in Mexico.
The reasons for international expansion are obvious — Asia, for instance, is the fastest-growing economic region in the world, forecast to grow at a 7 percent rate next year.
A GM spokesman noted that the best way for the Detroit automaker to repay American taxpayers is to be strong internationally. …
So, when will GM start paying us back for the loans we extended to them?
This is all in the grand global scheme to gradually turn America into the planet’s public park, all earth’s inhabitants work and produce goods and services offshore in different countries indentured to our geotaxes, keeping America pristine and the only place on earth where multi ply toilet paper is forbidden, except for the “Algoreans” that populate the countryside living in mansions that have all the incandescent lights left on continuously.
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