December 9, 2013
THE DANGER WAS ALWAYS THAT THE BAILOUTS WOULD WORK TOO WELL:
GM, Chrysler federal bailouts were net economic gain, report argues (Jerry Hirsch, December 9, 2013, LA Times)
Posted by Orrin Judd at December 9, 2013 2:13 PM
In a presidency that hardly lacked achievements, perhaps W's greatest was teaching us how to avoid a Depression.The Center for Automotive Research, a Michigan nonprofit organization that analyzes auto industry issues, said Monday that the U.S. government will lose about $13.7 billion on its bailout of GM and Chrysler Group.But the think tank said those funds "saved or avoided the loss of $105.3 billion in transfer payments and the loss of personal and social insurance tax collections -- or 768% of the net investment."Additionally, the center said the bailouts and financial restructurings saved about 2.6 million jobs in the U.S. economy in 2009 and $284.4 billion in personal income over 2009 and 2010.