Punching Stupid and Evil in the Face Since 1986!

"We are on strike, we the men of the mind. We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties."-John Galt

Wednesday, April 21, 2010

White House using new math, again

On Wednesday the Obama Administration launched a media campaign touting the payback of bailout money given to GM more than a year ago. $5.8 billion was repaid nearly 5 years ahead of schedule. They are claiming this is proof the bailouts were successful and worth the risk.
White House press secretary Robert Gibbs said that while the administration doesn't believe that GM and Chrysler have escaped danger of another collapse, the news represents a validation of the president's decision to get involved with the automakers. "I'm making the case that, looking back, almost a year later from the president making a very difficult and unpopular decision to loan money to GM and Chrysler, in order to go through a structured bankruptcy, and save 1 million to 3 million jobs," Gibbs said, "I think we could all agree that the depth of our economic downturn would hardly have been helped with those million or so people additionally out of work."
Unfortunately, a few pesky facts are being left out of this fantastic and astounding revelation......First off, while it is super great and awesome that this $5.8 billion has been repaid early, there is the other $43 billion that was converted into free money and used to buy 61% of GM. There is an excellent chance most of that money will never be repaid-it will go right into the unions. Second, the million jobs saved?.....I wonder what the 65,000 folks just laid off would think about the jobs "saved". They are probably wishing they had been part of the that 1 million. Third, I'm curious, do you supposed the 65,000 workers laid off applied for unemployment benefits-which were then extended last week to infinity. How much will that cost the American Taxpayer?

If this is an example of success, I really don't want to see failure.