Monday, June 6, 2011

GM Bailout - What did it Cost?

Who the heck knows!!??!!  
“Chrysler has repaid every dime and more of what it owes American taxpayers for their support during my presidency.”
— President Obama, June 4, 2011
The government admits the cost is around $14BB but that doesn't even consider the $12BB waiver in future taxes the government also provided.  

Obama’s task force reported in 2009 that the Volt “will likely be too expensive to be commercially successful in the short term,” it didn’t cancel the project.  Instead, the car costs $41,000 but the government will subsidize purchases to the tune of $7,500.  That figure is not included in the costs either.  Good thing the government is purchasing a reported 35%-40% of these electro/gasmobiles at full retail cost or GM would have really lost US real money!!!

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