AP reported that the Obama administration said the government lost $14 billion on the auto bailout. But it isn’t the government’s money that was lost. It’s our money. 14 billion of it, gone. And they count this as a success.
In a report from the president’s National Economic Council, officials said that figure is down from the 60 percent the Treasury Department originally estimated the government would lose following its $80 billion bailout of Chrysler and General Motors in 2009.
The report’s release coincides with the administration’s efforts to tout the bailout’s role in the revitalization of the U.S. auto industry after last week’s announcement that Chrysler is repaying $5.9 billion in U.S. loans and a $1.7 billion loan from the Canadian government. Those payments cover most of the federal bailout money that saved the company after it nearly ran out of cash in and went through a government-led bankruptcy.
GM previously announced that it had repaid a little more than half of the $50 billion it received in federal aid.
Treasury Secretary Timothy Geithner said U.S. auto companies are now at the forefront of a comeback in American manufacturing.
A comeback in American manufacturing?! Does Geithner read the news?
President Obama will visit an Ohio Chrysler plant later in the week, on our dime, to do a victory lap.
I will never, ever, buy another Chrysler or GM product. I figure they’ve gotten enough of my money.