T Nation

Every GM Sold Costs Taxpayers $12k

Government Motors!

Study: Every GM Vehicle Sold Costs Taxpayers $12,200
Citizen Groupâ??s Report Puts Cost of Auto Bailout in Perspective

(Alexandria, VA) â?? The American taxpayer has put up $12,200 for every General Motors vehicle sold through the beginning of 2011, and $7,600 for every Chrysler vehicle sold as well, according to a new report issued by the 362,000-member National Taxpayers Union (NTU).

The report, The Auto Bailout â?? A Taxpayer Quagmire, authored by NTU Adjunct Scholar Thomas D. Hopkins, Professor of Economics at the Rochester Institute of Technology, does the math on what the government bailout of the auto industry â?? including General Motors, Chrysler, and GMAC â?? actually means to American taxpayers, including how much each taxpayer has contributed to the auto industry since December 2008 and how much each vehicle is costing us.

Every time someone in your neighborhood drives home in a shiny new Chevy Silverado, remember that it cost American taxpayers more than $12,000,â?? said Pete Sepp, NTU Vice President for Policy and Communications. â??Between this and GM’s plan to payback their bailout debt with other taxpayer funds, I wonder if all those Americans without work right now could think of any better ways to spend that money. This is a play out of the Bernie Madoff ponzi scheme playbook, and would be the equivalent of paying your Master Card bill with your Visa.â??

The study found that the average American taxpaying family has invested roughly $800 in the auto bailouts so far. Moreover, the study found, the government support poured into General Motors, Chrysler, and GMAC â?? the financing subsidiary that supports sales at both â?? now stands at a towering $78.9 billion. Given that figure, and an estimate of how many vehicles GM and Chrysler will sell through the end of 2010, the study finds that each vehicle one of the bailed-out companies sells costs taxpayers $10,700.

Finally, breaking down the costs by company, the study reports that every Chrysler vehicle sold costs taxpayers $7,600, and every GM vehicle sold costs taxpayers $12,200.

Full Story:
http://www.ntu.org/main/press.php?PressID=1133&org_name=NTU

I think what you and many others don’t understand is: the purpose of power IS power. A ‘mixed’ economy, half capitalist/half socialist, was not created to help the poor or the sick. It was a power grab by very powerful capitalists.

What happens then is that various groups try and sieze the government so that they can club the shit out of the others. Banks have held the reins pretty much since post-Andrew Jackson, which is why nowadays they use the government to loot everyone else. The Morgan bankers used government to kill off others, like Lehman Brothers.

US Government = JPMorgan and Co. In a sense, we are all bank assets. (Why do you think the 30 years mortgage with 0$ down was invented? To give everyone a ‘slice of the American Dream’? ROFLMAO!!)

Makes me feel good to drive my BMW. Bought and paid for with honest money at honest prices and a honest company made the car. So glad our family Left Ford and GM and went all Imports only. German Preferably and model built in Bavaria especially.

They are sinking because they are an old dinosaur that makes crap that’s behind the times. Heck it’s been behind the times for decades. Crappy cars at high prices.

I’ve had my run with disposable cars.