Government Motors is What Obama Wants to Do to 'Every Industry'

Note: This first appeared in Breitbart.com's Big Government.

President Barack Obama on Thursday uttered the following utterly absurd thing:

“I want to (bailout) manufacturing jobs, not just in the auto industry, but in every industry.”

Even before President Obama dramatically bumped up the auto bailout to $82 billion, we were saying that this government-funded Crony Socialism model is what he has in mind for the entire once-private sector economy.  He’s just now openly asserting it.

So let’s take a look at the auto bailout nightmare mess - and marvel at what President Obama wishes to multiplicatively replicate.

(If some of the following sounds recently familiar, you must listen to gracious radio host-exemplar Mark Levin.)

• We’re going to lose over $42 billion on the $82 billion auto bailout.  Obama in late 2009 said we would make money on it.

• $26.5 billion of the loss was a straight payoff to the Democrat-apparatchik United Auto Workers (UAW) union.

• During the bankruptcy process, President Obama illegally paid off the UAW first and in full - before secured bondholders who should have been made whole before anyone else got a dime.  Which was incredibly disruptive and destructive of the entire bond market.  Economic uncertainty, anyone?

• Meanwhile, President Obama cut the pensions of non-union GM-subsidiary Delphi’s employees by up to 70%.

• President Obama illegally carried forward through the bankruptcy the ridiculously exorbitant UAW contracts.  Which were a hay-yuge contributing factor to GM going under in the first place - and are again, predictably, helping to wreck the bottom line.

• President Obama illegally allowed GM to carry forward through the bankruptcy $45.4 billion in losses - which serve as post-bankruptcy write-offs, costing We the Taxpayers $18 billion in lost tax revenue.  GM paid absolutely no income tax in 2011.  See, Senator Reid, this is what a non-anonymous source looks like.

• We are still stuck with 500+ million shares of GM stock.  For us to break even, they must be sold at $54 per.  They debuted post-bankruptcy at $33 per.  They are now at around $20 per.  Setting us up for a nearly $17 billion loss – just on the stock.

• Why has the stock tanked so precipitously?  Because GM is no longer a for-profit car company - it is a Leftist ideological entity.  To wit:

• 90+% of GMs auto loans are now of the Freddie Mac-Fannie Mae-esque subprime variety - made to people the vast majority of whom GM and everyone else knows can’t pay them back.

• Chevrolet Volts cost $41,000 to make, and sell for $41,000.  It is a non-profit vehicle.  Yet GM has spent millions advertising it - trying desperately to sell a Leftist fantasy car that makes them no money.

• Even more inane, GM just spent $10.4 million to build a Chevy Volt-ville - an Obama Candy Land Potemkin village.

• And lest we forget - there was the Chevy Volt song...and dance.

• And yet Volt sales remain, as always, pathetic.  Perhaps because it only gets 35 miles to a 12-hour charge, and costs twice as much as a similar-sized regular gasoline mobile.

• And despite these terrible sales, GM is bulling forward with a Buick Crossover hybrid.  And two Buick hybrid sedans.  And a Yukon.  And a Chevy Malibu Eco.  And a Chevy Tahoe.  And two Chevy pick-up trucks.  And a Cadillac Escalade.  Misery, of course, loving bankrupt company.

• GM in 2010 launched a $100 million venture capital division (it’s ObamaMotors - not Mitt Romney’s Bain - so I guess it’s ok).  Which is investing in fabulously successful things like...solar panel companies.

• In fact, no company on Planet Earth - pardon me, Mother Gaia - registered in 2010 more (non-)green (non-)energy patents than GM.

• We the Taxpayers pay $7,500 per Volt sold in bribe money - I mean incentive.  And in President Obama’s latest unanimously rejected budget he wanted to up that to $10,000 per.

• As of November of last year, the total Volt subsidy Taxpayer cost was $250,000 per Volt sold.

• Another contributing factor to the Volt’s non-sales: Obama and GM admit to only one Volt fire - dangerously rabbit-holing at least five fires and a whole host of attending Volt charging pro... that have not yet been adequately explained.

• The auto bailout was supposed to “create or save” American jobs.  But it killed 100,000 gigs right out of the gate - via President Obama’s forced closings of Republican-owned GM and Chrysler dealerships.

• GM is in fact currently creating gigs - in China.  Where they in 2011 sponsored a movie celebrating the Communist Revolution’s 90th anniv....

And so on, and so on, and....

All of this slow-motion train wreck-litany - is President Obama’s vision for how we should from now on do all things economy.

Because for this President, "success" doesn't mean greater free market achievement - it means greater government control.