Saving General Motors from bankruptcy was among President Obamaís most frequently cited achievements when he ran for re-election last year. Democrats everywhere touted the companyís revival as proof of the 2009 bailoutís wisdom. That was then. Now, Obama has quietly released the auto manufacturer from a bailout requirement that it increase its production in the U.S. Instead, GM is spending billions of dollars building up its production capacity in ... China.
"In exchange for the bailout in 2009," the paper said, "GM promised to meet certain domestic car production targets over the next four years. The obvious point of this stipulation was to ensure that GM jobs remained here at home and weren't shipped overseas," but the company has consistently failed to meet them. The administration has allowed GM to waive those targets, the paper continued, even though it announced in June that it would boost its output from its China plants by 70 percent while "nearly doubling its export production capacity there from 77,000 units to 130,000."
This is happening despite the fact that the Treasury Department has to date recovered just $36 billion of its original $51 billion loan to GM. By most analystsí predictions, American taxpayers will be out approximately $10 billion when the remaining stock is sold off. Which is a long way of saying that it now appears that taxpayers paid $10 billion to make it easier for GM to accelerate its foreign outsourcing and send more manufacturing jobs to China.