God bless the Mackinac Center’s James Hohman:
Hohman looked at total state and federal assistance offered for the development and production of the Chevy Volt, General Motors’ plug-in hybrid electric vehicle. His analysis included 18 government deals that included loans, rebates, grants, and tax credits.
The amount of government assistance does not include the fact that General Motors is currently 26 percent owned by the federal government.
General Motors (GM) has sold about 6,000 Volts — give or take the number they’ve had to buy back since finally publicly copping to only one of the at least four Volts that appear to have burst into flames. For reasons that neither GM nor the federal government cannot yet identify: Is it the charging station? Is it the charging station cable? Is it the battery? Is it coolant from the battery? No one yet seems to know.
Government subsidies for the Chevy Volt are thus far $3 billion. So, $250,000 per.
For reasons that surpass understanding, Obama administration-appointed General Motors CEO Dan Akerson is upping Chevy Volt production to 60,000 next year. Ten times this year’s sales. With a fire problem that no one can yet locate and identify, let alone fix.
My statement, as president of Less Government:
And in the lead of this giant boondoggle is the Chevy Volt. Which GM cannot sell, cannot make a profit on — and cannot keep from bursting into flames. But what they can do is burn through $250,000 of our taxpayer money on each and every one sold. Taxpayer money our bankrupt governments do not have.
And in the Bizarro-World that is Government Motors, CEO Dan Akerson looks at all of this failure — and decides to build on it. He’ll be making ten times as many unprofitable, unpopular, combustible Chevy Volts next year as he sold this year.
Merry Christmas to you and yours from the government — it’s the Chevy Volt. Which your children, and grandchildren, and so on will be paying for, with interest. Even though they — and just about everyone else — never purchased one.
As mentioned, We the Taxpayers own more than 500,000 shares of GM stock, on which we are poised to lose more than $16 billion. Less Government tracks the looming loss, and offers the solution for how we can extricate ourselves from GM, at www.BailoutCost.com.