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Bill McMorris | The Auto Bailout Bust





President Barack Obama has made the auto bailout a centerpiece of his reelection campaign, using it to bash Republican nominee Mitt Romney. But the tactic may backfire as the general election heats up, public opinion surveys suggest.

Recent polling from Rasmussen indicates that 59 percent view the bailouts as a “failure” and only 44 percent think the bailouts were “good for America.”

The administration has already written off $7 billion in taxpayer losses in the American takeover of Chrysler and General Motors; those losses are expected to climb as high as $23 billion—27 percent of the $85 billion spent on the bailout.

While the bailout is widely credited with saving the two companies, increasing taxpayer losses have made it nearly as unpopular in 2012 as it was when Obama was elected. More than half of Americans still disapprove of the auto bailout compared with 61 percent in 2008.

 

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  • TexS2012

    And what else happened! Car dealerships were destroyed that had been in business for years serving their community. I know the ones in my area. Used cars were crushed/destroyed, (we watched it live on tv) in an attempt to force people to buy new cars who could not afford them and parts for those used cars which had been used for years to keep repairing the car you owned were also lost. The middle class were hurt the most by this destruction. Did I forget anything? Who can afford new cars and now we can’t afford the gas!?!

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