How Obama and Congress Lies About the Health of GM: Taxpayers Out $84 Billion

"American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said,“Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back.”

Is there anything Obama doesn't lie about? He lies about job creation, unemployment numbers, and Chevrolets.

A new congressional oversight report doesn't concure with Obama's optimism of General Motors. It appears, to no big surprise, taxpayers are about to lose a lot of money that GM can't possibly pay back, no matter how many times their cars are in victory lane at NASCAR events or how many times they say thanks.



I told you after I saw this commercial, this commercial was really an thank you we screwed the taxpayer commercial produced by General Motors. That is definitely the case.

The report first estimates taxpayers will be out of $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.”

Of course, like Obama, the American people can no longer trust Congress either, no matter which party is in charge. The Washington Times points out the report doesn't post the fact this $25 billion loss came after GM received a $45 billion tax credit.

GM is driving “away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion,” reported The Wall Street Journal last November.

Oh, and guess what the federal government is about to give GM another $14 billion tax break. The tax break comes form General Motors massive losses last year. Oh, but Obama is celebrating GM as a success, even though taxpayers are now out an astonishing $84 billion to keep this mismanaged, union drained corporation a float.

If you think GM looks bad this year, what do you think these high gas prices are going to do to GM? $84 billion is just the beginning as $4 a gallon means GM's most profitable vehicles are sitting on lots around the country.