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New Waivers for Government Motors

October 17th, 2013 - 11:07 am

GM

Saving Detroit:

Obama has quietly released the auto manufacturer from a bailout requirement that it increase its production in the U.S. Instead, GM is spending billions of dollars building up its production capacity in … China.

This is happening despite the fact that the Treasury Department has to date recovered just $36 billion of its original $51 billion loan to GM. By most analysts’ predictions, American taxpayers will be out approximately $10 billion when the remaining stock is sold off. Which is a long way of saying that it now appears that taxpayers paid $10 billion to make it easier for GM to accelerate its foreign outsourcing and send more manufacturing jobs to China.

Here’s what happened: In exchange for the bailout in 2009, GM promised to meet certain domestic car production targets over the next four years. The obvious point of this stipulation was to ensure that GM jobs remained here at home and weren’t shipped overseas. The production targets started at 1.8 million in 2010 and were supposed to rise to 2.26 million by 2014. GM repeatedly missed the targets, beginning with an 81,000-unit shortfall the first year. Production increased thereafter, but never quite enough to meet the targets. Last year, GM fell about 13,000 cars short of its 2 million target.

How did it do this year? GM refuses to say.

Under any other administration, this would be frontpage, top-of-the-hour news.

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All Comments   (4)
All Comments   (4)
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"Look for the union fable"

Never buying a UAW-made car again, so GM management and workers can go to hell, for all I care.

FWIW, I qualify for an employee discount, and I still won't touch it.
39 weeks ago
39 weeks ago Link To Comment
Yeah, but China was humiliated by European powers in the 19th century, and even though the US had nothing to do with that we still need to make amends a century later.
/lefty idiot
39 weeks ago
39 weeks ago Link To Comment
As Obamacare slides into disaster, the Dems are starting to rebrand it as Republicare, citing as one example of bad decision-making the single-sourcing to CGI.

Party of Stupid ought to link corporate favoritism of CGI and GM. They're the same, Dems, see?

Expect me to jerk all topics to Obamacare these days. I really do think it's the Democrats' Delorean.
39 weeks ago
39 weeks ago Link To Comment
Look at the bright side: US workers get food stamps, free Obamacare, and enjoy a non-working life from cradle to grave.
39 weeks ago
39 weeks ago Link To Comment
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