Obama did not save the U.S. car industry. What he saved was nothing. He forced American taxpayers to pay for the continued production of two bankrupt car manufacturers. Car sales in America are up for the foreign car manufacturers (here) and Chrysler was sold to Fiat at a net loss to the American taxpayers. Obama did not save Americans jobs. He used tax money to pay some politically connected workers at bankrupt car companies. That’s simple tyranny. Obama used, actually he mis-used, the powers of the Presidency. The President was never given the power to pay the expenses of private companies. He took it. That’s tyrannical. tTat’s tyranny. That’s Obama.
He also ruined the used car market with his “Cash For Clunkers” which took $3 billion dollars of tax money that had the net bad effect of increasing the new car sales of the big three Japanese Car Manufacturers more that the American companies. In addition it ruined the used car market by destroying perfectly good and servicable low cost cars and forcing people who could not easly afford the debt of buying a new car into buying one. The poor, students, urban minorities, So the net effects of CFC was negative and in addition it reduced the buying power of people with low incomes thereby prolonging the recession. It also drove prices of used cars higher to the detriment of the poor, minorities, etc. (Here). Bad Economics by an Economic Dunderhead.
In addition the top selling new cars were not GM or Chrysler. Most of them were foreign companies.
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