Today President Barack Obama took some time to boast about the auto bailouts. He praised them and claimed that the auto bailouts saved 1,000,000 jobs.
Let me be clear, the auto bailouts are a giant failure and a terrible economic policy.
The claim of one million saved jobs is dubious. You know the economy is bad and people are trying to make it seem better when they invent the term saved job. It really means nothing.
But just for fun let’s assume that there is such a thing as a saved job and that the auto bailouts did save one million jobs. Bragging about it would still be silly.
Barack Obama bragging about a million saved jobs is like a basketball team bragging about scoring 75 points…and leaving out that the other team scored 105 points.
The idea of a saved job is a myth (especially a subsidized job). Even if it wasn’t the one million jobs would only be part of the story. The other part is about the incredible job losses. The other part is about the poor performance of GM. The other part would be about the success of Ford, who refused bailout money.
The auto bailouts are a joke. The only thing funnier about GM is their slogan – May the best car win.
The best car did win. Then the government bailed out the losers!
Now, to no realistic person’s surprise the taxpayers are paying the bill.
* Image by wstera2 via Flickr