Auto Bailouts & Obama Bombast

I never expected a Washington Post writer to so soundly assail a presidential stream of pro-​bailout nonsense.

In a “Fact Checker” column entitled “President Obama’s phony accounting on the auto industry bailout,” Glenn Kessler concludes that a “virtually every claim” by the president in recent comments about the auto industry “needs an asterisk, just like the fine print in that too-​good-​to-​be-​true car loan.”

President Barack Obama says General Motors will rehire all workers laid off during the recession. But he’s referring to only a sliver of the 68,000 employees General Motors has dropped from its work force since 2006.

Obama says Chrysler has repaid “every dime” it got from taxpayers “during my presidency” — years ahead of schedule. But he omits four billion forked over to Chrysler during the last month of the Bush presidency! So … Chrysler has repaid every dime except four billion dollars. (That’s 40 billion dimes, by the way.)

And so forth. Kessler leaves the job of analyzing the wisdom of shoveling billions of taxpayer dollars into the coffers of failing firms to others. So he doesn’t observe that capital forcibly rerouted into “creating jobs” in foundering enterprises cannot be turned to more productive uses in the more successful enterprises from which the capital was grabbed. This is another fact Obama neglects.

It’s not the 2008 presidential campaign any more. Maybe the left-​leaning press will no longer automatically bail out Obama when he distorts the truth? 

Let’s see where we are in mid-2012.

This is Common Sense. I’m Paul Jacob.