The administration has claimed that it saved General Motors, and what a great accomplishment that was.
The problem is it saved the union and screwed the bond holders and it seems now the American taxpayer is left holding the bag. It cost the government $49.5 billion to bail out GM in 2009.
The government received 912 shares for its $49.5 billion bailout and so far it has regained roughly $36 billion, leaving a deficit of $13.5 billion still owed to the American taxpayer. However, in the lexicon of the bureaucrats that's only chump change. Easy for them to say because it's not their money.
However, the current GM stock price is about $34 and that means the 101 million, shares which would have to sell for $133 are upside down to the tune of $99, which means the taxpayers will take a hit of some $12 billion more or less.
I wonder if I can get an IOU to trade in for a new GM vehicle?
The administration claimed it saved about 600,000 jobs on the GM deal, but at what price? If I did the math right, that price is around $8 million a job.
It would have been a lot cheaper to give those saved jobholders a million bucks apiece.
The problem is that government doesn't know how to run anything efficiently and it keeps proving it every day.
Moving on to the next debacle is the Obama administration not taking action to provide for our fallen warriors the death benefit and the transportation for the families to travel to Dover Air Force Base.
The administration knew that it could and would happen with the "government shutdown" but neither the secretary of defense nor the president took action to honor our commitment to the dead or their families. It took a private organization, The Fisher House, to put up the $100,000 death benefit.
That's a national disgrace when this nation cannot honor its debt to our military heroes.
Administration officials knew what was going to happen, but in their zeal to trample the Republicans into oblivion, they allowed this travesty to occur.
I have said it before and I will continue to argue that the Congress needs a cleaning out because the country cannot afford the rabid political machinations that are constantly unfolding. There has to be a commitment on the part of our elected officials that the national interest of the country comes before petty partisan politics.
Both sides of the aisle share the blame for what is happening right now, and they need to find a way to get back to constitutional government or find a new occupation.
- Len Tria is a former Hernando County commissioner.