GM bailout costs each taxpayer $12,200
You may not have purchased a GM or Chrysler car, but you’re still paying for one, according to a new report by the National Taxpayer’s Union.
According to the report, every American taxpayer has put up $12,200 for every General Motors car sold through the beginning of 2011 and $7,600 for every Chrysler sold.
The study, which is based on a November report released by the Government Accountability Office, found that the average American taxpaying family has invested about $800 in the auto bailouts so far. It notes that government funding provided to General Motors, Chrysler and GMAC – the financing subsidiary that supports sales at both – now stands at a $78.9 billion.
Titled “The Auto Bailout – A Taxpayer Quagmire,” the report was authored by Thomas Hopkins, professor of economics at the University of Rochester.
"Between this and GM's plan to payback their bailout debt with other taxpayer funds, I wonder if all those Americans without work right now could think of any better ways to spend that money,” said Pete Sepp, NTU vice president for policy and communications, in a news release.
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GM's IPO May Raise Record Amount
What happen to all the intellectuals, the stock gurus and the naysayers?
General Motors Co. will increase the size of its initial public offering Wednesday by about 30% to 478 million shares, people familiar with the matter said, which could make it the largest global IPO in history.
Earlier Tuesday, GM confirmed it would raise the expected price for shares sold in its IPO to a range of $32 to $33 from the previous $26 to $29. GM also plans to sell up to $4.6 billion of preferred stock, up from $3 billion previously planned. The IPO will be priced Wednesday after the U.S. stock markets close and the shares will start trading Thursday.
The auto maker has returned $9.5 billion; the Obama administration will seek to recoup the rest through the sale of stock over the next couple of years.
How many middle class american jobs were saved?? People that can feed their families and put their kids through school? I wonder if it counts too?