GM Success Story: Republicans Wrong Again
November 19, 2010
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In a CNN interview in February 2009, Senate leader of the Party of No, Mitch McConnell, stated: “I opposed the bailout …. the companies are not doing what needs to be done to save the companies. So that puts us on a long-term policy of the government simply propping up this industry endlessly“. Again, in August ’09 Mr. McConnell reiterated his position: “I think the government auto bailout was a big mistake.”
Well, with the GM IPO, repayment of $11 billion, and the federal share of the company down to around 33% it looks like “endlessly” could be a couple of years. The Republicans need to suck it up and recognize the auto industry “bailout” for what it was and is–an investment in America’s working class that has saved in the neighborhood of one million jobs and which may end up costing taxpayers nothing in the long run. If the Republicans had their way I guess they would just hand that $11 billion over to the wealthiest 1% of Americans as a supplement to the Bush tax breaks.