- Oscar Pistorius vomits during graphic testimony
- Toronto Mayor Rob Ford flubs daylight saving time advice: ‘Turn your clocks back’
- Americans don’t support sending U.S. troops to Ukraine
- Florida lawmakers move to wipe corrupt ‘Boss Hogg’ town from map
- N.C. math whiz to unveil secret of March Madness picks
- An appealing offer: Chiquita merges with Fyffes to make world’s largest banana firm
- Amnesty International says Syria guilty of war crimes for food blockade
- Mitch McConnell on beating tea party: ‘We are going to crush them’
- Adam Lanza’s dad: He would’ve killed me ‘in a heartbeat’
- North Korea holds election: 100% turnout, Kim Jong-un gets — 100% of vote
LETTER TO THE EDITOR: General Motors still losing billions
The Washington Times was right to criticize the Obama administration for its misleading hype about General Motors repaying $6.7 billion of the $50 billion it got from taxpayers (“Government Motors repayment fraud,” Comment & Analysis, Monday). The bailout of GM was unnecessary, and taxpayers will never get their money back.
Most of the $50 billion taxpayers gave the company was converted into overpriced stock that will be worthless if GM goes under. The GM bailout, which is still losing billions of dollars, is similar to a failed British bailout in the 1970s that ruined England’s ailing automakers. GM might have had a better chance of survival if it had just filed for bankruptcy without seeking a bailout, as economists and bankruptcy experts have noted. That would have let GM shed its rigid, costly collective-bargaining agreements with the United Auto Workers union (UAW), which has crippled it financially.
But the Obama administration used the bailout to keep such red tape intact while giving much of GM to the UAW at taxpayer expense and forcing GM to make unprofitable car models. It also inflicted heavy losses on GM’s used-car and parts dealers through a wasteful “cash for clunkers” program that destroyed used cars.
Competitive Enterprise Institute
TWT Video Picks
Taxpayers must pay the freight for over-budget train projects
Get Breaking Alerts
- Kim Jong-un calls for execution of 33 Christians
- Rand Paul wins 2014 CPAC straw poll, Ted Cruz finishes a distant second
- Senate Democrats, Republicans spar over restoring unemployment benefits
- CURL: Today's GOP really is Reagan's 'Big Tent' party
- As Crimea falls, Obama takes Key Largo golf vacation, Biden hits Virgin Islands
- Russia besieges Crimea as U.S. seeks diplomacy; Putin remains undeterred by Obama's sanctions
- SAUERBREY: Taxing Marylanders until they flee
- Investigators puzzle: How does a 777 jetliner just disappear into thin air?
- Florida lawmakers move to wipe corrupt 'Boss Hogg' town from map
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
Recent Letters to the Editor
- LETTER TO THE EDITOR: Time for feckless president to show resolve
- LETTER TO THE EDITOR: Obama reserves 'Chicago way' for GOP
- LETTER TO THE EDITOR: Public education would wither in free market
- LETTER TO THE EDITOR: Turkey not committed to Cyprus peace
- LETTER TO THE EDITOR: Spoiled-kid culture creates greedy adults