Fittest loser
Article posted: 12/27/2013 5:00 AM

Auto bailouts failed the taxpayers

  • Article
text size: AAA

The federal government in bold letters informed the taxpayers that their money used to bail out General Motors and Chrysler saved 1.5 million jobs in 2009. Further, the taxpayers were able to preserve $105 billion in personal and social insurance tax collections.

The administration lent the auto industry, including General Motors and Chrysler, $80 billion to avoid a collapse that would result in the loss of million of jobs. Sean McAlinden, the center's chief economist, said in a statement, "This peacetime intervention in the private sector by the U.S. government will be viewed as one of the most successful interventions in the U.S. economic history."


Since the big investment we have learned that Chrysler now is controlled by Italy's Fiat, Chrysler is profitable, and to thank the taxpayers they are producing plants in Mexico. General Motors, which received the lion's share of the bailout, has left the taxpayers with a shortfall of about $10 billion. The taxpayers were forced to bail out the greedy, mismanaged companies while their employees and unions made no concessions.

Chrysler and GM should have followed the lead of a company with a better idea -- Ford did not need a bailout and GM and Chrysler should not have received one.

Silvio Pontarelli

Mount Prospect

Comments ()
We are now using Facebook comments to offer a more inclusive, social and constructive discussion. Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.

This article filed under

Latest Video


Most Commented
Top Jobs

    View all Top Jobs Place a job ad



    • Newspaper next section - Newspaper next section Report card checker - report card checker
    • Dh innovation award 2 - Dh innovation award 2 Zillow /real estate page
    • Discuss refer On Guard series
    • Newspaper archives -- Monday or anyday Mike North



    Connect with a business or service in your area fast. First select a town, then enter a search term or choose one of the listed popular searches:

    Don't see your town listed? Visit our full directory to begin your search.