Think Obama saved Chrysler and GM? Look out, he wants to do the same thing for every American business. In Colorado today, Obama touted the GM recovery and then said he wants to do the same thing for every industry. Obama repeated the claim that GM is #1 again because of him. Of course, that isn’t true anymore, but when did truth ever stop Obama? Obama, who invested billions in taxpayer stimulus dollars on foreign countries, claimed that Romney didn’t have private sector experience. He said instead that Romney had only invested in companies, some of which were pioneers of outsourcing. Of course, Obama is referring to his previous campaign lie that Bain companies outsourced jobs while Romney was still there, a claim that has been debunked by The Washington Post and others.
So what was so great about what Obama did for GM? Do we really want him doing that for every industry? For example, do we really want him taking taxpayer dollars to buy stock in major corporations in every industry? In order for the US to break even on the GM bailout, Obama would need to sell the government owned GM stock at $53 per share. It is currently at about $20. I don’t know about you, but if I had a choice I would fire Obama as my financial adviser. In fact, Obama’s “success” with GM translates to GM’s market share being at a 90 year low.
Despite Obama throwing billions of taxpayer dollars at GM to produce what he calls a miraculous recovery, they still went into bankruptcy. In fact, GM’s unavoidable bankruptcy may have had more to do with their survival than Obama’s foolhardy stock purchase with our tax dollars. So what would the difference between Obama’s plan and Romney’s plan have been? Billions of dollars in taxpayer money.
GM’s recovery has resulted in the loss of 1/3rd of their brands, 900 dealerships, 13 plants, and 22,500 jobs. Obama wants to repeat this “success” with every other American industry.
Throw in the emerging retirement scandal where the administration stole 20,000 pensions in order to pay off union supporters, and GM is a perfect example of exactly what we DON’T want for every other industry in America. In fact, all other things being equal, Obama’s promise to repeat the GM fiasco with every other industry in America is a perfect reason to make sure he never has the chance.
If you want Obama to take your tax dollars and invest them in stocks that you personally wouldn’t buy, then by all means re-elect him. The too big to fail industries in corporate America could use the help. Unfortunately, Obama’s only options for a bailout of every American industry are more China debt or higher taxes on every level of income.
At least he’s not promising to do what he did with Chrysler to every American Industry.
Filed under: President Obama Tagged: | bailout, Bain, bankruptcy, Barack Obama, chrysler, dealerships, every industry, general motors, gm, government motors, industry, italy, layoffs, more bailouts, obama, outsourcing, plants, Politico, volt