By Douglas Holtz-Eakin
The young drop coverage to avoid higher premiums
Independent voices from the TWT Communities
General Motors will no longer be "Government Motors." The Treasury Department on Wednesday announced its intention to liquidate federal holdings in the automobile company over the next 15 months. The final tally will show this policy has been a disaster for taxpayers.
General Motors moved Wednesday to shed its "Government Motors" nickname, buying back a chunk of its stock from the federal government as the Treasury Department announced plans to eliminate its losses in the company's stock by early 2014.
General Motors is boosting its cash with $11 billion in new credit lines, a move that could mean the automaker is preparing to buy back its shares from the federal government dating back to the 2009 bailout.
We all know how the Obama administration likes to portray the auto bailout: A generous infusion of money enabled the government to save General Motors and Chrysler. Jobs that otherwise would have disappeared were rescued by this taxpayer-funded largesse.