Obama wants to send GM and other automakers $50 billion. That is $362 dollars for every taxpayer in the US. Of course it is closer to $1300 for folks like me who really pay the taxes.
Why? Ignore platitudes about jobs and industrial competitiveness. This is a reward for a few million in political donations to Democrats.
And it is a stupid use of my money.
The net result of GM, for instance, going bankrupt is they get a chance to reboot with fresh, sensible contracts, and a better ability to compete. Some jobs might be lost, and pay and benefits would certainly be lower. That isnâ€™t a bad thing. A kept job is better than a lost job.
The net result of Obamaâ€™s plan, where Ken bails out GM while he gets credit for it, is they keep doing the same stupid stuff, fail later and bigger, and Iâ€™m out $1300 bucks.