by Curtis Coleman, Contributing Author: According to a report from Reuters, the President’s bailout of the auto industry will cost us $3.4 billion more than previously thought. The U.S. Treasury “now estimates the 2009 bailout will eventually cost the government $25.1 billion. That’s up from the last quarterly estimate of $21.7 billion.
I’m sorry, did they say, “cost the government $25.1 billion?” How about “cost taxpayers $25.1 billion.” It just blows my mind that people who work for “the government” actually think “the government” has any money.
Now, remember the old joke about the lousy businessman who says he loses money on every sale, but he makes up for it with high volume? Well, the jokes on you and me because President Obama has been bragging “about the success of his decision to provide ‘government assistance’ to the auto industry.”
“Now I want to do the same thing with manufacturing jobs,” the President said, “not just in the auto industry, but in every industry…”Let me see, according to International Liberty’s Dan Mitchell, there’s about 60 different industries in America, so ”at $25 billion each, that means $1.5 trillion.” Or about $18,500 per tax-paying American.
So in the mind-numbing event that you’re planning to vote for Mr. Obama in November, take an additional check for $18,500 made out to “the government” to the ballot box with you. Oh, wait, never mind. If you’re voting for Mr. Obama, you’re probably one of the 48 percent of Americans who doesn’t pay any taxes.
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Curtis Coleman is the President, Curtis Coleman's Institute for Constitutional Policy and contributing author to the ARRA News Service.
Tags: Curtis Coleman, President Obama, losing money, wasteful spending, auto industry, bailout, Dan Mitchell, International Liberty, taxes, Debt, Deficit, Government, Business To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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