Obama’s (un)American Auto Bailout (+video)
By Michelle Malkin. Cue “Fanfare for the Common Man” and rev up the Government Motors engines. Wednesday is Great American Auto Bailout Day at the Democratic National Convention. Party propagandists have prepared a prime-time-ready film touting the “rescue’s” benefits for American workers. UAW President Bob King will sing the savior-in-chief’s praises.
But like all of the economic success stories manufactured by the White House, the $85 billion government handout is a big fat farce.
“I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” Obama bragged on the campaign trail. Here’s the inconvenient story they won’t tell you:
GM is once again flirting with bankruptcy despite massive government purchases propping up its sales figures. GM stock is rock-bottom. Losses continue to be revised in the wrong direction. According to The Detroit News, “The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.”
The claims that GM paid back its taxpayer-funded loans “in full” — a story peddled in campaign ads narrated by Hollywood actor Tom Hanks — were debunked by the Treasury Department’s TARP watchdog this summer. GM still owes nearly $30 billion of the $50 billion it received, and its lending arm still owes nearly $15 billion of the more than $17 billion it received. Bailout watchdog Mark Modica of the National Legal and Policy Center adds: “In addition to U.S. taxpayers anteing up, Canada put in over $10 billion, and GM was relieved of about $28 billion of bondholder obligations as UAW claims were protected. That’s an improvement of almost $90 billion to the balance sheet, and the company still lags the competition.” Read more from this story HERE.
The Romney Campaign has finally figured out that this false story about the GM bailout is just smoke and mirrors. See the campaign’s new ad, just released yesterday:


Campaigning in 2008, Barack Obama set the very highest goals for his presidency. He would not only bring about economic recovery, he would lay the foundation for a new economy, bring Americans together, reduce the rancor of political debate, and even slow the rise of the oceans. Now, as he runs for re-election, Obama is caught in a trap of his own making: Many Americans who voted for him, particularly independents, are judging him not so much by what he has done in office as by what he promised to do. If voters hold Obama to that standard on Election Day, he will lose.
One of the most tragic failings of ObamaCare is that it will make it harder for many of the most vulnerable citizens – patients with no option but Medicaid – to get care.
A federal judge on Tuesday ordered state prison officials to provide a taxpayer-funded sex-reassignment surgery to a transgender inmate serving life in prison for murder.


