About 144 million tax returns will be collected by the IRS for 2011. Of those, about 47% will pay no federal income tax. A quick twist of the calculator tells me that about 76 million people will therefore cough up the dough.
The auto bailout cost about $23.6B, which means that the average, federal income tax paying citizen paid about $310 to help support the auto industry in 2011 (this would represent total cost). Most people would look at this and think that it’s not that big of a deal–except that all of it was completely unnecessary. The administration used TARP funds to bailout GM and Chrysler so that union pensions and wages would not be reduced as part of the normal bankruptcy process. The investors took the cut rather than the entire organization, thus preserving a core voting bloc for Obama. Your $310 was transferred directly to a UAW worker, that averaged $40.33 per hour in wages and benefits, or $83,886 per year.
As part of the reelection campaign, the Obama administration is going to constantly tout the ‘saving of the auto industry’ as a positive accomplishment. The amount of money poured into the gaping maw of the auto industry is staggering–50 times that of Solyndra–and should be called out for what it is: corruption, straight up.

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January 26, 2012
Categories: shut your whore mouth . . Author: MJ (k/k-style) . Comments: 451 Comments