Chevrolet received about $52 billion from the U.S. taxpayer and another $9.5 billion from the Canadian taxpayer. The company is still a mess and its newest product – touted by Liberals everywhere and driven for ten feet by President Obama – is the Volt… an electric car. The car will be sold (at huge losses) for about $41,000.00. each.
During the height of the bailout, President Obama touted the Volt as a symbol of how Chevy was going to “make it” thanks to the help of great products like it and the wallets of the American taxpayer. The Volt’s batteries are made by a South Korean company (which received $150 million in U.S. taxpayer monies).
Now, it turns out, the Volt isn’t even an electric car… it’s a fancy hybrid like the Civic or Prius.
Tuesday, October 12, 2010
A waste of taxpayer funds
Harrison Price captures the "rent-seeking" of large automotive firms and their government enablers perfectly: