June 21, 2012
The so-called auto bailout was in fact a union bailout, Heritage Foundation expert James Sherk explains in this week’s Heritage Foundation podcast.
More specifically, it was a United Auto Workers bailout. Typically, when a company goes bankrupt the labor costs are lowered to a more competitive level. UAW worker wages were as high as $56 per hour in pay and benefits. The politically influential UAW solicited federal tax dollars rather than following the usual bankruptcy procedure of lowering wages. If they had simply lowered wages, taxpayers could have saved $26 billion.
This is especially unsettling considering President Obama’s 2008 presidential campaign. Candidate Obama ran on a platform of refusing to spend tax dollars on special interest groups. The UAW is a special interest group, and President Obama spent $26 billion on them.
Listen here to learn more about the how the “auto bailout” benefited big labor special interests.
Ernest Clark - June 24, 2012
What a joke on the hard working american tax payer. This president cares little nor does he respect the office he has been granted by the american people. He is making every attempt to destroy this great country that has provided so many opportunities for so many millions of americans. This president is a “thug” who does only what special interests and groups tell him to do. He has to be the worst president this country has ever seen or heard from. He has got to go, before he and his administration of marxists, socialists and progressives intentionally destroys our great country!