By: John Hayward , 8/16/2012 10:17 AM
President Obama loves to tout the General Motors bailout as the signature “achievement” of his presidency, even though current taxpayer losses on the deal are estimated at over $25 billion. The exact degree to which the rest of us got soaked so Obama could give GM to his union allies changes constantly as the value of the stock held by We the People fluctuates. You don’t remember being asked if you would like to become a GM stockholder and willingly accept massive losses to protect highly compensated union jobs, do you? Well, that’s the great thing about command economics. It relieves the ruling class of the tedious chores private-sector entrepreneurs face when attracting voluntary investment.
Not only does Obama portray the GM bailout as a great success, he has actually said, in public, that he wants a lot more “successes” just like it. “I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he told an audience in Colorado last week. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”
(Emphasis mine.) That really should have been accompanied by some ominous thunderclaps, or perhaps the “Friday the 13th” musical cue that plays when Jason Voorhees is stalking a victim. Even if you can swallow the idea that the GM bailout was a “success,” there is literally not enough money in the world for a $25 billion bailout of every industry. The point of the 2012 presidential campaign is getting delusional liberals to understand that our beyond-bankrupt government doesn’t have enough money to take over any more industries, and had no business taking over industries to begin with.