Statists, socialists and Marxists were euphoric when Obama boldly proclaimed “If You’ve Got A Business, You Didn’t Build That“.
The underlying ideology is that only government is god and only government can create prosperity and jobs. Individual liberty, free markets, a work ethic and individual creativity are irrelevant. Obama wasted no time in following up on the theme that government really is god by stating that he wants to bailout everybody.
Obama recently said “I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back. Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”, here.
Obama was referencing the government bailout of General Motors, a bailout that cost taxpayers over $100 billion.
GM, a failed investment
The federal government has put in well over $100 billion into shoring up General Motors…
The only real winners from the GM bailout were unions, who were protected from pay cuts, from losing their right to overtime pay after less than 40 hours per week, and from cuts in their extremely generous benefits. They only faced minor tweaks in their inefficient union work rules.
Having just $36 billion to show after a $100 billion-plus investment would get a chief executive of any private company fired. Unfortunately, Obama does not seem to understand how this money has been wasted.
When government gets in the business of picking and choosing which companies get funding and which companies don’t get taxpayer cash, the entire free market mechanism is destroyed as politics and cronyism takeover. Taxpayers end up with nothing but a big pile of Solyndra’s, another taxpayer funded bankrupt boondoggle that was a big fail costing taxpayers over $500 million, here.
The Obama economic plan is to create more taxpayer funded businesses just like GM and Solyndra because according to Obama and gang, private industry really doesn’t exist or shouldn’t exist. Such a plan is not without precedent and is fairly common in Europe where many nations are in various states of economic collapse because of state funded industries and union protectionism.