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Barack Obama: Losing $84 billion big success
Posted By Matt Ryan On April 2, 2011 @ 6:34 am In Economic Crisis | Comments Disabled
April 2, 2011
Barack Obama has some ‘splaining to do about taxpayers’ profitable “investment” in General Motors. It turns out the president is imagining things.
Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to.
“American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November. Steven Rattner, former head of the Treasury’s auto task force agreed, telling CNN in November: “Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back.”
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