That’s the line the Obama Administration is peddling about GM and Chevrolet, isn’t it? The unions poured massive amounts of money and labor into Obama’s 2008 campaign and in return he handed them your money. For a “success,” it sure doesn’t look like it went so well. In fact, the last person to win that sort of “victory” was King Pyrrhus of Epirus. You may have heard of him. He’s where the phrase “Pyrrhic victory” comes from.
The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.
In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.
The report may still underestimate the losses.
At the end of the day, every man, woman and child in America lost roughly $80 on the deal (25 billion / 311 million Americans). In other words, if you have a wife and two kids, bailing out GM and Chrysler cost you roughly $320. What could you have done with that money? You could have bought a 40 inch LCD at Wal-Mart for that dough. Home Depot will sell you a couple of air conditioners for that much dough.
But, at least Obama’s union cronies got a great deal and he gets to tout losing 25 billion dollars of your money as some great achievement on the campaign trail; so it’s all worth it.