Levin: Auto Bailout 'Successes' Are 'Setting Us Up For Another $16 Billion In Losses - Just In Stock'

August 10, 2012 - 1:16 PM

Last night, radio host Mark Levin laid out all of the “successes” of the 2009 automobile industry bailout.

Levin was responding to President Obama’s remarks at a campaign stop in Pueblo, Colorado yesterday, where he stated, “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”

“We are still stuck with 500 plus million shares of GM stock. And for us to break even, they have to be sold at $53 per share. They debuted post-bankruptcy at $33 per share. They are now $20 per share. That’s setting us up for another $16 billion in losses just in stock.

“Obama allowed GM to illegally carry forth through bankruptcy $45.4 billion in losses, which will cost we, the taxpayers, $18 billion in lost tax revenue. The $82 billion GM-Chrysler bailout was supposed to ‘create or save’ American jobs. It killed 100,000 jobs right out of the gate with the ideological closings of car dealerships.

“Obama and GM copped to only one Chevy Volt fire, by the way. The Chevy Volt - a complete disaster. The Volts cost $41,000 to make, and they sell for $41,000. It’s a non-profit vehicle.

“But it does cost we the taxpayer $7,500 per car in bribe money - I mean incentives. And speaking of those tax-breaks for purchasers and consumer incentives - as of November of last year, that tally all by itself was $250,000 per Volt.

“But what about Obama’s boast today about saving a million jobs? The million jobs contention is a stretch. Before filing bankruptcy in 2009- listen to this- GM had 91,000 employees in the United States. Now you can reach a 400,000 total by assuming that all of GM’s jobs, as well as all the jobs of its part suppliers and car dealers would have been lost. So how did he save a million jobs? Or as he likes to put it: over a million jobs.

“Even saving 20% of the 400,000 jobs comes at a very high cost. $780,000 per job - thank you Mr. and Mrs. Taxpayer.”

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