The RGJ published this breathless AP article proclaiming how great the new GM is and how much profit it made this past year. The profit was $7.6 billion, a new record for GM. But there seems to be another concern.
The profit won’t stop the debate about spending $49.5 billion in taxpayer dollars to save GM. But it did drive up the company’s stock price, which could help the government get more of its money back.
Notice their focus: the profit “could help the government get more of its money back.” Apparently, to the RGJ and the AP it’s all the government’s money. The taxpayers have no say. We are mere pawns and the sooner we recognize it the better.
They were very excited that each of the blue-collar (union) workers received a $7,000 bonus check. But did you notice how they mentioned that all of the non-union workers had their pay frozen? Neither did I. I guess it’s all right for the union to get revenge on the non-union bums. GM was also doing away with the pensions of the non-union workers.
I also missed the RGJ reporting that while the bonus was paid to the union workers GM still owed the government (taxpayers) $12 billion through Ally Financial, formerly known as GMAC.
And don’t forget that GM will pay NO taxes for ten years. That’s even less than Warren Buffett’s secretary. We could probably do very well ourselves if we didn’t need to pay the IRS for ten years.
Way to go RGJ.