General Feed
The season of giving is near, and leave it to the government to think it has the prerogative to “give” away taxpayer money.
It was bad enough that the federal government bailed out banks last fall, but then they went a step further in the wrong direction by bailing out the automotive industry. To date, $78.9 BILLION in taxpayers' money has gone to bailout GM, Chrysler, and GMAC.
This number may seem easier to swallow when one considers other costs of late (the one-trillion dollar health care bill or the national debt), but to be sure, $80 billion still boils down to more than a pretty penny.
To put this $80 billion in auto bailouts into perspective, NTU released a study, The Auto Bailout -- A Taxpayer's Quagmire, this week that found that the American taxpayer has put up $12,200 for every General Motors vehicle sold and $7,600 for every Chrysler vehicle. Bet you didn't know your money was helping buy all those cars.
The study also found that the average American taxpaying family invested roughly $800 in the auto companies through the bailout.
So the next time one of your neighbors comes home in a brand new GM or Chrysler make sure they know to thank you for helping them purchase it.
NTU Study Finds Every GM Vehicle Sold Costs Taxpayers $12,200
Posted by Rachael Slobodien - November 19, 2009Thoughts? Add Comment -
Meg said on Nov 23 2009 at 1:17pm
First of all, the banks received a bailout. The autos received a loan. I'm not speculating on how much return the gov't will see on that loan, but the banks received 10x the money with no strings attached. I'd really like to see the stats on the bank bailout. Rudementary math would say 10x as much. I'd like to have that money in my bank account.