If govt could create private industry jobs for less than $7,143 each, should it? [View All]

[Bozita]

It already did. At least 1.4 million of them.


Source: Detroit News

Last Updated: November 17. 2010 4:37PM
Report: Auto bailout saved more than 1.4 million jobs
Christine Tierney / The Detroit News


The government's bailout program for General Motors, Chrysler and other automotive firms saved more than 1.4 million jobs, according to a study by the Ann Arbor-based Center for Automotive Research.

Most of the jobs — 1.14 million — were saved in 2009, during the low-point of the industry's severe downturn. But another 314,400 were saved in 2010, the Center said Wednesday.

"The government intervention prevented additional personal income losses totaling $71.9 billion for 2009 and $24.6 billion for 2010," the center said in a statement.

"The net impact to the federal government—in terms of changes in transfer payments, social security receipts and personal income taxes—was $21.6 billion in 2009 and $7 billion in 2010."

Read more: http://www.detnews.com/article/20101117/AUTO01/11170428...



And the auto industry bailout is gonna end up costing the taxpayers less than $10 Billion.


Source: Detroit Free Press

Posted: 5:36 p.m. Nov. 15, 2010
Rattner: Taxpayers' loss from auto bailouts likely to be less than $10B
By GREG GARDNER
Free Press Business Writer

Taxpayers’ potential loss on the bailouts of General Motors and Chrysler will be less than $10 billion after GM’s initial public offering, the former head of President Barack Obama’s auto task force said today.

He also said GM’s initial public offering will be priced above the $26 to $29 range set forth in a Securities and Exchange Commission Nov. 3. The Free Press previously reported that GM is expected to raise its targeted price range early this week by no more than a few dollars.

“I’ve been saying for a while that I thought the government’s exposure in the auto bailout was in the $10 to $20 billion range,” Steven Rattner said today, speaking to the Automotive Press Association. But after the GM IPO, which is currently slated for Thursday, “I think this exposure is in the single digit billion range, and arguably potentially better.”

Altogether, the U.S. Treasury Department has invested $82 billion to restructure GM and Chrysler. Investment banks Morgan Stanley and J.P. Morgan will price the first 365 million GM shares sometime Wednesday and the shares will trade Thursday on the New York Stock Exchange.

Read more: http://www.freep.com/article/20101115/BUSINESS01/101115046/Rattner-Taxpayers--loss-from-auto-bailouts-likely-to-be-less-than-10B