Corporatism/Unionism: Government Redistributes $95,000 of Taxpayer Money (Plus Special Tax Break) to Unionized Workers at Chrysler and GM
A few benefit and many pay.
Washington Examiner 1 March 2012
“And for whom exactly is Obama’s “bet” on GM and Chrysler paying off? Not for taxpayers. Obama wagered $85 billion on the two auto companies, and his own Treasury Department has predicted that taxpayers will never see at least $24.77 billion being repaid. That works out to about $95,000 for every Chrysler and GM employee. If Obama gave every employee at The Washington Examiner $95,000, we’d probably be chanting “four more years,” too.
And that doesn’t include the $13 billion in tax benefits General Motors will receive over the next decade, thanks to special considerations from the Internal Revenue Service. Add those forgone revenues in, and the bottom line auto bailout loss is closer to $40 billion.“