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Obama: Success = $25 Billion Loss

by | ARTICLES, ECONOMY, HYPOCRISY, OBAMA, TAXES

Last week, I noted that Obama announced he wants to bailout all the industries. To quoth:

“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.

You can view the video here

Now, the Treasury Department issued an updated report today on the auto industry bailout.

The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.

The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout.

Shares today were at $20.49

I guess Obamanomics is the only place where a $25 Billion loss of taxpayer money is considered “a success” and “roaring back”. The spin is that the losses are less than the estimated $44 Billion, so hey, it’s okay! We saved the taxpayers $19 Billion!

Obama on Ryan’s Plan in 2010: “Medicare and Medicaid Massive Problems”

by | TAXES

Here’s what Obama said about Ryan’s proposal in 2010. h/t to Washington Free Beacon.

“I’ve read it. I can tell you what’s in it. There are some ideas I agree with, and there are some that we should have a healthy debate about because I don’t agree with. The major drivers of our long-term liabilities as everyone knows are Medicare and Medicaid, and health care spending.

And:

Social Security we can probably fix the same way Ronald Reagan and Tip O’Neil sat down together…that’s manageable. Medicare and Medicaid — massive problem down the road. That’s something our children will have to deal with.

Also:

“This is an entirely legitimate proposal”