Further on down the road
|Auto industry still owes taxpayers $25B|
(From The Washington Post) At the Democratic National Convention, the Obama campaign has celebrated the rebirth of the American auto industry — pointing out, as Vice President Joe Biden has done, that “Bin Laden is dead and General Motors is alive.”
What Democrats don’t mention is that bailing out the car industry initially cost $80 billion, or roughly $30,000 per automotive worker. Despite the sector’s resurgence, taxpayers are still owed $25 billion from GM and its former financing firm.
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A cautious comeback