Tags: dan | mangru | obama

Taxpayers Will Lose Billions from GM, Chrysler

Friday, 11 Sep 2009 05:36 PM

Taxpayers will lose billions. We’ve spent trillions on bailouts, healthcare, mortgages, and Cash for Clunkers. So who cares?

In fact the total exposure from the bailouts could total $23 trillion dollars. So really, why should anyone care about a couple billion dollars when the overall spending is in the tens of trillions?

The answer is because whether its $1 billion, $1 trillion, or $1 dollar, it’s your money. That’s right. Your money.

Every dime that the Obama administration spends is paid for by you, the American taxpayer.

So when the Congressional Oversight Panel report came out this week that U.S. taxpayers are unlikely to recover their $81 billion investment into General Motors Co. and Chrysler Group LLC, no one even noticed.

It was barely even mentioned in the mainstream media if it was mentioned at all.

But let’s dig a little deeper.

That same Congressional Oversight Panel which is overseeing the Troubled Asset Relief Program, or TARP, raised questions about the Obama administration’s transparency and pressed the Tim Geithner led Treasury Department for more disclosure about how active the government has been in managing these two companies.

Wait a second.

I thought that the Obama administration was supposed to be the most transparent administration in history. But when a report comes out from Congress that the Obama administration hasn’t been forthcoming with information, the report gets swept under the rug.

I’ll let you guys figure that one out on your own.

What’s even more troubling in the Congressional Oversight Panel’s report is that they don’t know how much the government is running Chrysler and GM.

Remember the government, that same management group that has ran Social Security into the ground, Medicare into the ground, Freddie Mac into the ground, Fannie Mae into the ground. You know that group.

The idea that the government, let alone the Obama administration, knows how to run a company better than entrepreneurs and capitalists is absurd. The private sector has always been more effective than the public sector, and in these economic times we need action, not government mismanagement and red tape.

Just think, if the government has mismanaged their $81 billion taxpayer funded investment into Chrysler and GM, what else have they mismanaged?

Maybe there’s a reason why the TARP chief has said that the total exposure to the taxpayers of the United States of America resulting from the bailout could reach over $23 trillion dollars.

Did anyone ever stop to think that the government doesn’t have to spend as much money as it is spending now to slow down the recession? Maybe we could have saved a couple billion here and there. Maybe even a couple trillion.

The reality is that the numbers have become so high you would think that we are playing with Monopoly money. The numbers just don’t seem real.

The sad thing is, the numbers are real, and its you, the American taxpayer, that has to pony up the cash.

© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
DanMangru
Taxpayers will lose billions. We’ve spent trillions on bailouts, healthcare, mortgages, and Cash for Clunkers. So who cares?In fact the total exposure from the bailouts could total $23 trillion dollars. So really, why should anyone care about a couple billion dollars when...
dan,mangru,obama
491
2009-36-11
Friday, 11 Sep 2009 05:36 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved