The Auto Bailouts

A reminder, just in case the debates don't clarify the issue of the auto bailouts:

Obama didn't originate the bailouts.  Bush did with about $27 million of TARP money.  Obama merely continued them.  Now, I think the bailouts were wrong, regardless of the President.  They were especially wrong the way they were continued.

Of the tens of billions of dollars, the amount the US taxpayers have lost on the bailouts is approaching $27 billion--and increasing. 

Romney did write "Let Detroit Go Bankrupt."  But he didn't mean let GM and Chrysler go belly up, not at all.  He wanted just what Bush and Obama did, except he favored a private bailout, one that was guaranteed by federal money.  It was what was done to save Chrysler in the '80s and worked just fine.  And the US taxpayer wasn't out a penny--very much unlike today.  Nobody, under Romney's plan, would have lost a job, well, at least not any more than under the Bush and Obama bailout.  And, remember this, the Delphi retirees, the other suppliers, white collar workers, and dealerships wouldn't have received the fickey-doo.  What the bailouts did was, in essence, bailout the UAW, which, as far as I can see, didn't do a whole lot to strengthen the auto companies other than hire new workers at lower pay.

Dare I be so cynical to think the bailout of the UAW, at the expense of non-union workers, was political?  Let's not be naive; of course it was.  So, US taxpayers lost $25 billion or more for the benefit of the UAW. 

On another topic and to show how nonpartisan I can be:  A recent audit showed that prices for goods have gone up since the individual item pricing law in Michigan was repealed.  The Republican governor, Snyder, promised repeal of the law would save Michigan taxpayers/consumers about $2 billion a year.  Yeah, right!  Not only have prices risen, but the repeal caused workers to be laid off and/or, if they weren't, had their hours reduced.  Great, Governor!  It's like the repeal of the Michigan Business Tax, with no conditions.  No, unlike the governor's claims, repealing the business tax didn't result in lower prices (or, if they did, they missed the grocery stores and other places I shop) and didn't result in more employment.  Again, just great!

They may have different philosophies, Democrats and Republicans, but neither seem to be working in the best interests of the majority of Americans.  Throw the bums out--all of 'em!  I may well go back to my former voting practice of voting against incumbents, regardless of party.  They become part of the establishment, more concerned with keeping their jobs and party/ies in power than with what's best for the US or Americans. 

In addition to higher grocery prices, if Congress doesn't extend the tax cuts, middle class Americans will experience a pretty heft tax increase.  Yes, it's an  increase if I pay more next year than I did last year!!!!!!  No, it's not just the rich who will pay more.  In fact, if my estimates are near correct, I am looking at a $3,000 to $4,000 increase.  That's a lot of green.

If Proposal 3 passes, the cost to Michigan taxpayers is estimated to be about $12 billion.  I don't know over how long.

You see, Dems and Reps, they are all the same in this regard--taxes and prices go up.  Throw out all the bums.