Today, National Right to Work President Mark Mix was published in the Investor's Business Daily exposing how General Motors (GM) and United Autoworker (UAW) union bosses colluded to use taxpayer dollars to "pay back" the taxpayers for the government bail out it received last year:
...GM leaders and the UAW officials who colluded with them to extract $43 billion out of taxpayers in exchange for arguably worthless stock are now patting themselves on the back for paying back on April 21 the balance of a $6.7 billion loan they took out from taxpayers as part of the 2009 bankruptcy package.
In a weekly radio address to the nation late last month, President Obama suggested that the fact that taxpayers have now recouped 14% of the taxes he diverted into GM coffers on their behalf vindicates his decision to bail out GM and the UAW brass.
But ordinary Americans, with whom the GM and Chrysler bailouts have become overwhelmingly unpopular over the past year, are unlikely to agree. Especially not if they learn that GM was able to "pay back" the loan only because it had not yet spent all of the other $43 billion in taxpayer money it raked in last year.
But, as Mix further notes, the mirage that GM and UAW officials are being fiscally responsible with the taxpayer's money is just part of their plan to ask for even more money from the government:
...[T]he apparent motive of Obama-selected GM CEO Ed Whitacre and UAW officials in repaying the $6.7 billion now is to pave the way for the company to secure a new $10 billion loan from taxpayers at an interest rate of just 5%, two points lower than the previous rate, to pay for the retooling of its plants to meet the government's new, stricter fuel-economy standards.
If the GM/UAW "zombie" corporation obtains the new $10 billion government loan, it will end up even more deeply in hock to taxpayers than before, after having gotten good PR and kudos from the president for having paid off its original loan "in full."
Fortunately, the American people are not as easily bamboozled as President Obama and his cohorts in the GM and UAW union hierarchies seem to think they are.
Mix concludes that "the president's fork-tongued reassurances that all is going well with the bailouts are likely to make Americans angrier and angrier as time goes on" because his special deals and political paybacks to his Big Labor buddies are more than American families can bear, and serves no purpose other than to enrich Big Labor’s coffers.
